For the following loan, find (a) the finance charge and (b) the APR. Use the accompanying table to find the APR to the nearest $0.5 \%$. Joel financed a $\$ 1740$ computer with 24 monthly payments of $\$ 78.71$ each. Click the icon to view the annual percentage rate table. (a) The finance charge is $\$ \square$. (Round to the nearest cent as needed.) an example Get more help - Clear all Check answas

Step 1 ：Given that Joel financed a $1740 computer with 24 monthly payments of $78.71 each.

Step 2 ：The total cost of the loan is calculated by multiplying the number of payments by the amount of each payment. So, the total cost of the loan is \(24 \times \$78.71 = \$1889.04\).

Step 3 ：The finance charge for a loan is the total amount of interest and fees you pay for the money you borrowed. It's generally calculated as the total cost of the loan minus the amount of the loan itself. So, the finance charge is \(\$1889.04 - \$1740 = \$149.04\).

Step 4 ：The APR (Annual Percentage Rate) is a measure of the cost of a loan expressed as a yearly interest rate. It takes into account both the interest charged and any additional fees or charges. The APR is calculated by dividing the finance charge by the loan amount, then dividing by the term of the loan in years, and finally multiplying by 100 to get a percentage. However, since the question asks for the APR to the nearest 0.5%, we will need to round our final answer to the nearest 0.5%. So, the APR is \((\$149.04 / \$1740) / 2 \times 100 = 4.5\%\).

Step 5 ：Final Answer: The finance charge is \(\boxed{\$149.04}\) and the APR is \(\boxed{4.5\%}\).