2. You purchase a washing machine and dryer for P37,500. You pay 20% down and agree to repay the balance in 12 equal monthly payments. The finance charge on the balance is 8% simple interest. Find the...

Extracted text: 2. You purchase a washing machine and dryer for P37,500. You pay 20% down and agree to repay the balance in 12 equal monthly payments. The finance charge on the balance is 8% simple interest. Find the a) finance charge b) estimated annual percentage rate. Round to the nearest hundredth of a percent.