Barry bought a new television set for $425. He paid nothing down but agreed to payments of $37.28 per month for 12 months. Find the finance charge and the annual percentage rate for the loan using the APR table. Click the icon to view the annual percentage rate table. The finance charge is $ The annual percentage rate is %. APR Table Number of Monthly (APR) Payments (n) 6 12 18 Annual Percentage Rate (APR) for Monthly Payment Loans Annual Percentage Rate 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% (Finance charge per $100 of amount financed) (h) $2.35 $2.49 $2.64 $2.79 $2.94 $3.08 $3.23 $3.38 $3.53 $3.68 $3.83 $3.97 $4.12 4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62 6.90 7.18 7.46 7.74 6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77 10.19 10.61 11.03 11.45 - X

Barry bought a new television set for $425. He paid nothing down but agreed to payments of $37.28 per month for 12 months. Find the finance charge and the annual percentage rate for the loan using the APR table. Click the icon to view the annual percentage rate table. The finance charge is $ The annual percentage rate is %. APR Table Number of Monthly (APR) Payments (n) 6 12 18 Annual Percentage Rate (APR) for Monthly Payment Loans Annual Percentage Rate 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% (Finance charge per $100 of amount financed) (h) $2.35 $2.49 $2.64 $2.79 $2.94 $3.08 $3.23 $3.38 $3.53 $3.68 $3.83 $3.97 $4.12 4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62 6.90 7.18 7.46 7.74 6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77 10.19 10.61 11.03 11.45 - X

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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