You are borrowing $1,575 to purchase a washer and dryer using a 36 month installment plan. Determine the annual percentage rate (APR) and the monthly payment given that the interest charge is $99.32. Round your answer to the nearest whole percent and to the nearest cent. a. 5%; $47.20 c. 4%; $49.42 b. 5%; $50.18 d. 4%; $46.50

Answer: Option d - 4%; $46.50                      Step-by-step explanation:Given : You are borrowing $1,575 to purchase a washer and dryer using a 36 month installment plan. The interest charge is $99.32.    To find : The annual percentage rate (APR) and the monthly payment ?Solution :The amount borrowed = $1,575The interest charge = $99.32Total amount paid in 36 month is 1575+99.32=$1674.32For monthly payment, The amount paid in a month = [tex]\frac{1674.32}{36}=\$46.05[/tex]Monthly payment, M=$46.05Now, we have to find the APR=x  (let)Applying monthly payment formula,[tex]M=\frac{A}{\frac{1-(1+i)^{-n}}{i}}[/tex]  [tex]M=\frac{A\times \frac{x}{12}}{1-(1+\frac{x}{12})^{-n}}[/tex]  Substituting the value,M=$46.50 , A=$1575 , n=36 [tex]46.50=\frac{1575\times \frac{x}{12}}{1-(1+\frac{x}{12})^{-36}}[/tex]  We solve the equation using graph,First we plot the graph of [tex]\frac{1575\times \frac{x}{12}}{1-(1+\frac{x}{12})^{-36}}[/tex]  represent by line in black.Then, put y=46.50 represent by red line.Refer the attached figure below.The intersection of the lines is the solution of xi.e, x=0.04In the percentage [tex]x=0.04\times 100=4\%[/tex]The APR is 4%.Therefore, Option d is correct.