14. -/1 POINTS SMITHNM13 11.2.053. MY NOTES ASK YOUR TEACHER For the car loan described, give the following information. A car dealer will sell you a used car for $6,298 with $798 down and payments of $162.51 per month for 48 months. (a) amount to be paid (b) amount of interest (c) interest rate (Round your answer to two decimal places.) (d) APR (rounded to the nearest tenth of a percent) Need Help? Read It Talk to a Tutor 15. 0/1 POINTS PREVIOUS ANSWERS SMITHNM13 11.2.059. MY NOTES ASK YOUR TEACHER Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 13% (add-on rate). If the refrigerator at Sears costs $1,528 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment? (Round your answer to the nearest cent.) Need Help? Watch It Talk to a Tutor Read It 1/4 POINTS PREVIOUS ANSWERS SMITHNM13 11.2.044. MY NOTES ASK YOUR TEACHER 11. Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A BMW that has a sticker price of $62,410 with factory and dealer rebates of $6,00o (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.) Enter a number. (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.) (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.) (d) State whether the 0% APR or the 2.5% add-on rate should be preferred. O 0% APR O 2.5% add-on rate Need Help? Read It Talk to a Tutor Submit Answer Practice Another Version

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4MC: A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and...