**** Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.) Purchase price of a used car Number of monthly payments Amount financed Total of monthly payments Total finance Down payment APR charge 2$ 5,453 $ 1,113 48 24 5,509.76
**** Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.) Purchase price of a used car Number of monthly payments Amount financed Total of monthly payments Total finance Down payment APR charge 2$ 5,453 $ 1,113 48 24 5,509.76
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Transcribed Image Text:Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) (Do not
round intermediate calculations. Round the "Finance charge" to the nearest cent.)
Number of monthly
Total of monthly
Purchase price of a
used car
Amount
Total finance
Down payment
APR
payments
financed
payments
charge
5,453 $
1,113
48
24
5,509.76
acer
%24
%24
Transcribed Image Text:ANNUAL PERCENTAGE RATE
MUMBER
OF
PAYMENTS 10.00% 1 0.25% 10.50 10.751 11.00% I1.25% 11.50% 11.75% 12.00% 2.25% 12.50% 12.75% 13.00% 13.25% 13.50% 13.75%
IFINANCE CHARGE PER $100 OF AMOUNT FINANCEDI
0.83
1.25
1.67
2.09
2.51
0.85
1.28
1.71
2.14
2.58
0.87
1.31
1.76
2.20
2.64
0.90
1.35
1.80
2.25
2.70
0.92
1.38
1.84
2.30
2.77
0.94
1.41
1.88
2.35
2.83
0.96
1.44
1.92
2.41
2.89
0.98
1.47
1.95
2.46
2.96
1.00
1.50
2.01
2.51
3.02
1.02
1.53
2.05
2.57
3.08
1.04
1.57
2.09
2.62
3.15
1.06
1.60
2.13
2.67
3.21
1.08
1.63
2.17
2.72
3.27
1.10
1.66
2.22
2.78
3.34
1.12
1.69
2.26
1.15
1.72
2.30
2.88
3.
2.83
3.40
1.46
3.01
3.45
3.88
3.08
3.53
3.98
3.16
3.62
4.07
4.53
4.99
3.53
4.04
4.55
5.07
3.97
4.55
5.13
5.71
6.29
3.23
3.70
2.94
3.36
3.79
4.21
3.31
3.78
3.34
3.87
4.36
4.85
3.45
3.95
3.68
4.21
4.74
5.28
3.60
4.12
4.65
5.17
5.70
3.75
4.29
3.83
4.38
4,94
3.90
4.47
5.03
5.60
4.05
4.64
4.17
4.26
4.75
5.23
4.46
4.84
4.32
4.76
5.39
5.94
5.22
5.82
6.41
4.43
4.96
5.46
4.64
5.49
10
4.64
4.88
5.11
5.35
5.58
5.82
6.05
6.17
5. 20
5.64
6.88
7.46
5.71
6.20
6.68
7.17
7.66
5.97
5.07
5.50
5.93
6.36
6.80
5.33
5.78
6.23
6.69
5.45
5.92
6.38
6.85
7.32
5.58
6.06
6.53
5.84
6.34
6.84
7.34
7.84
6.23
6.76
7.29
7.82
6.36
6.90
1.44
7.99
4.53
6.62
7.18
1.75
8.31
A.88
6.75
7.32
1.90
8.48
9.06
7.01
7.60
8.20
8.81
9.41
6.49
6.10
6.62
7.14
7.66
8.19
7.04
7.59
8.15
8.71
12
13
6.48
6.08
6.52
6.97
7.01
7.49
6.99
1.50
8.05
8.64
9.23
14
15
7.14
8.01
8.36
7.23
7.67
8.10
7.41
7.86
8. 31
8.76
9.21
7.60
8.06
8.52
7.78
8.25
8.73
9.20
9.67
7.97
8.45
8.93
9.42
9.83
16
17
9.46
10.03 10.23
10.61
I1.18
I1.53 11.76
9.27
9.83
10.40
8.90
9.44
9.08
8.15
8.65
9.14
9.64
9.90 10.13 10.37
8.34
8.84
9.35
9.86 10.08
8.53
9.04
9.56
8.71
9.24
9.77
10.30 10.52
10.83 11.0
10.02
10.43 10.63
11.24
11.85
9.64
9.63
18
10.82
I1.03
10.19
10.74
11.30
9.98
8.54
8.98
11.63
19
20
8.98
10.96
11.41
9.44
10.60
12.00 12.2)
12.46
21
22
23
9.42
9.86 L0.12
10.30 10.57 10.84
10.75 11.02
11.19
10.39 10.63 10.88 11.12 11.36 I1.61
10.88 11.13 11.39 11.64
11.37 11.63 11.90 12.17
11.86 12.14 12.42 12.70
12.35 12.64 12.93
9.90
10.37
12.84
13.44
10.15
10.62
I1.10
11.30 11.58
12.06
12.10 12.34
12.93
13.24 13.5I 13.78
14.10
14.69
12.59
13.19
80 *E1
13.70
9.66
11.85
12.41
12.97
13.54
14.10
12.67
11.90 12.16
12.44
12.98
13.52
12.71
13.26
13.81
14.05
14.32
14.95
13.82
14.40
24
14.38
14.98
14.66
25
11.48
11.77
13.22
15.28 15.57
11.64 11.94 12.24
12.09 12.40 12.71
12.53 12.86
12.98 13.32 13.66
13.43 13.78
12.85 13.15 13.45
13.34 13.66 13.97 14.29
13.84 14.16 14.49
14.33 14.67
14.83 15.19 15.54 15.89
13.75
12.54
13.03
13.18 13.51
14.00
14.48
14.36
15.89 16.20
16.83
14.06
14.60
14.92
15.48
15.15
16.04
15.70
16.24 16.60
14.67
15.24
15.AL
16.38
16.95
15.28
15.87
26
27
28
14.97
15.56
16.14
15.59
16.19
16.80
17.41
16.51
17.13 17.46
17.75 18.10
18.74
14.82
15.35
16.47
29
15.0L
16,72 17.07
30
14.13
17.31
17.66
18.02
18.38
15.33 15.70
15.84
16.34
16. 85
16.06 16.43
16.97
17.51
18.05
18.60
16.79 17.16
17.53
17.90
18.11
18.49
19.08
18.69
19.27
19.67
19.85 20.27
13.89 14.25 14.61
14.97
15.09 15.46
18.27
18.87
19.47
20.08
19.00
19.63
20.26
20.90
31
32
18.63
19.२१.
19.87
20.49
20.69 21.11 21.53
19.38
20.02
20.66
16.59
17.35
17.73
16.21
16.73 17.12
17.25 17.65
17.77 L8.18
14.34 14.7I
17.90
14.79 15.18 15.57 15.95
15.25 L5.65 16.05
16.11
33
18.29
16.44
16.53 16.94 17.35
18.46
19.01
19.86
19.43
1E 12
21.95
34
35
15.70
16.16 16.58 17.01 17.43 17.86 18.29
16.62 17.06 17.49 17.93 18.37
17.98 18.43
19.57 20.00
20.13 20.58
20.69
20.87 21.30
21.46
22.07
27.67
21.27
18.71
19.14
20.43
21.02
21.61
22.20
22.79
21.73 22.17 22.60
36
37
38
39
18.81
19.33
19.25
19.69
21.91 22.36 22.81
22.52 22.99 23.45 23.91
23.61 24,09
23.25
20.24
20.32 20.79
21.34
21.15
21.73
19.78
17.53
17.54 18.00
18.00
18. 88
18.46 18.93 19.39 l9.86
19.90 20.38
17.08
21.26
21.82 22.30
23.14
24.56
25.22
40
18.48
18.95 19.43
20.86
23.76
24.25
24.73
20.42 20.91
20.93 21.44
21.45 21.97
21.97 22.50
22.49 23.03
21.40 21.89
21.94 22.45
22.49 23.0
23.03
22.39
19.93
20.43
20.94
21.44
21.95
22.88
22.96 23.47
23.53 24.05
24.64
23.3A
23.98
24.57
25.17
25.77
24.3A
25.00
18.47 18.95
19.43
19.40 19.
19.86 20.39 20.91
20.33 20.87
19.44
19.93
20.42
23.88
24.49
25.10
25.71
26.32
24.88 25.3A
25.51
25.62 26.15 26.6A
26.79 27.33
27.43 27.99 28.55
25.88
26.03 26.55
27.21
27.88
18.93
23.57
23.53 24.12
24.10
24.67
26.25
26.88
21.41
25.22
20.80 21.35 21.90 22.46 23.01 23.57
21.27 21.83
21.74 22.32 22.90 23.48
22.21 22.80 23.39 23.99 24.58 25.18 25.78 26.38
22.69 23.29 23.89 24.50 25.11 25.72 26.33 26.95 27.56 28.18
24.13 24.69 25.25 25.A1
25.82 26.40
24.06 24.6 25.23 25.81 26.40 26.99
26.98 27.59
26.37
26.98
27.58
28.19
28.40 29.42
26.94
27.56
27.51
28.14 28.72 29.31
2A.18 28.77 29.37 29.97
28.80 29.4 30.02 30.63
30.04 30.67 31.29
28.08 2A.55 29.22
29.89
30.57
31.24
31.92
22.40 22.97 23.53 24.10 24.68 25.25
50
23.16 23.78
23.64 24.27
24.11 24. 16
24.59 25.25 25.91
25.07 25.74 26,41
28.15 28.78 29.41 30.05
30.67
31.30
31.93
32.56
30.68 31. 32 31.96
31.32 31.98 32.63 33.29
33.30
24.40 25.02
25.64 26.26 26.89 27.52)
32.60
24.90 25.53 26.17 26.81 27.45 28.09 28.73 29.38 30.02
28.00 28.66
26,57 27.23 27.90 28.5s 29.23 29.91 30.58 31.25
53
25.40 26.05 26.70 27.35
33.97
14.56
35,15
29.32 29.9A
31.97
32.61
30.64
12.63
33.29 33.94
33.2% 33. 95 34.65
27.09 27.77
28.44
29.13 24.81 30.50 31.1A 31.47
25.55 26.23 26.92 27.61
26.03 26.73 27.43 28.13
26.51 27.23 27.94 26.c6
33.20
33.33
34.47 35.21
33.9
35.33
36.01
36.04
28.30 28.99
28.84 29.54
29.37
29.69 30.39 11.09 31.79 37.49
30.25
30.82 31.5s 32.27 33.00 33.74
34.62
34.56 35.24
35.95
57
32.39 33.11
36.74
36.69 17.4
37.17 18.13
18.06
30.97
30.10
59
60
27.00 27.72 28.45 29.IA 29.91 3o.65 31.39 32.13 32.87 33.61 34. 16 35.11 3s.*6 36.42
32.71
27.48
28.22 28.96 29.71
30.45
31.20
31.95
31.47
34.23
14.49
35.75
36.52
37.29
18.83
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