Tim worker buys a satellite dish for $329.99. he pays 10% down and takes an installment loan to complete the purchase. he makes 12 payments which include his principal and a $40.00 finance charge. what is the apr on his loan?

tim will pay ($329.99 x 10%) or $ (to the nearest whole number) for his down payment.

he will finance ($329.99 - down payment) or $.

tim will repay finance amount ÷ 12 plus $40.00 ÷ 12 or monthly payment of $.

at the end of one year tim will have paid monthly payments totaling $.

the apr = finance charge for one year ÷ amount financed = % (to the nearest tenth).