Question: 1. Alan Dan could purchase a jet ski for $9,995 cash. He paid $2,000 down and financed the balance with 36 monthly payments of $295.34. Find the APR of the loan.
2. Nellie Chapman bought a Harley-Davidson motorcycle that had a cash price of $12,799 with a $2,500 down payment. She paid for the motorcycle in 48 monthly payments of $296.37. Find the APR for the loan.