You are borrowing $3,162 to purchase a scooter using a 36 month installment plan. Determine the annual percentage rate (APR) and the monthly payment given that the interest charge is $425.13. Round your answer to the nearest whole percent and to the nearest cent.

The total amount repaid is $3,162 + $425.13 = $3,587.13, so the monthly payment is $3,587.13 ÷ 36 = $99.64. Using this payment to calculate the monthly interest rate on a $3,162 loan over 36 months gives an annual rate of about 8% when rounded to the nearest whole percent. The correct choice is 8%; $99.64.

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