Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1.) Purchase price of a used car $ Down payment 4,095 $ 95 Number of monthly payments 60 Amount financed Total of monthly payments $ 5,844 Total finance charge APR
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1.) Purchase price of a used car $ Down payment 4,095 $ 95 Number of monthly payments 60 Amount financed Total of monthly payments $ 5,844 Total finance charge APR
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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.)
Purchase price of a
used car
$
Down payment
4,095 $
95
Number of monthly
payments
60
Amount
financed
Total of monthly
payments
$
5,844
Total finance
charge
APR
Transcribed Image Text:NUMBER
OF
PAYMENTS 10.00%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
0.83
1.25
1.67
2.09
2.51
2.94
3.36
3.79
4.21
4.64
5.07
5.50
5.93
6.36
6.80
7.23
7.67
8.10
8.54
8.98
9.42
9.86
10.30
10.75
11.19
11.64
12.09
12.53
12.98
13.43
13.89
14.34
14.79
15.25
15.70
16.16
16.62
17.08
10.251% 10.50% 10.75%
0.85
1.28
1.71
2.14
2.58
3.01
3.45
3.88
4.32
4.76
5.20
5.64
6.08
6.52
6.97
7.41
7.86
8.31
8.76
9.21
9.66
10.12
10.57
11.02
11.48
11.94
12.40
12.86
13.32
13.78
14.25
14.71
15.18
15.65
16.11
16.58
17.06
11.53
0.87
1.31
1.76
2.20
2.64
3.08
3.53
3.98
4.43
4.88
5.33
5.78
6.23
6.69
7.14
7.60
8.06
8.52
8.98
9.44
9.90
10.37
10.84
11.30
11.77
12.24
12.71
13.18
13.66
14.13
14.61
15.09
15.57
16.05
16.53
17.01
17.49
17.98
0.90
1.35
1.80
2.25
2.70
3.16
3.62
4.07
4.53
4.99
5.45
5.92
6.38
6.85
7.32
7.78
8.25
8.73
9.20
9.67
10.15
10.62
11.10
11.58
12.06
12.54
13.03
13.51
14.00
14.48
14.97
15.46
15.95
16.44
16.94
17.43
17.93
18.43
ANNUAL PERCENTAGE RATE
11.00% 11.25%
11.75%
(FINANCE CHARGE PER $100 OF AMOUNT FINANCED)
0.94
0.96
0.98
1.41
1.44
1.47
1.88
1.92
1.96
2.35
2.41
2.46
2.83
2.89
2.96
3.31
3.39
3.45
3.78
3.87
3.95
4.26
4.36
4.46
4.75
4.85
4.96
5.23
5.35
5.46
5.71
5.84
5.97
6.20
6.34
6.48
6.68
6.84
6.99
7.17
7.34
7.50
7.66
7.84
8.01
8.15
8.34
8.53
8.65
8.84
9.04
9.14
9.35
9.56
9.64
9.86
10.08
10.13
10.37
10.60
10.63
10.88
11.12
11.13
11.39
11.64
11.63
11.90
12.17
12.14
12.42
12.70
12.64
12.93
13.22
13.15
13.45
13.75
13.66
13.97
14.29
14.16
14.49
14.87
14.67
15.01
15.35
15.19
15.54
15.89
15.10
16.06
16.43
16.21
16.59
16.97
16.73
17.12
17.51
17.25
17.65
18.05
17.77
18.18
18.60
18.29
18.71
19.14
18.81
19.25
19.69
19.33
19.78
20.24
0.92
1.38
1.84
2.30
2.77
3.23
3.70
4.17
4.64
5.11
5.58
6.06
6.53
7.01
7.49
7.97
8.45
8.93
9.42
9.90
10.39
10.88
11.37
11.86
12.35
12.85
13.34
13.84
14.33
14.83
15.33
15.84
16.34
16.85
17.35
17.86
18.37
18.88
11.50%
12.00%
1.00
1.50
2.01
2.51
3.02
3.53
4.04
4.55
5.07
5.58
6.10
6.62
7.14
7.66
8.19
8.71
9.24
9.77
10.30
10.83
11.36
11.90
12.44
12.98
13.52
14.06
14.60
15.15
15.70
16.24
16.79
17.35
17.90
18.46
19.01
19.57
20.13
20.69
12.25%
1.02
1.53
2.05
2.57
3.08
3.60
4.12
4.65
5.17
5.70
6.23
6.76
7.29
7.82
8.36
8.90
9.44
9.98
10.52
11.06
11.61
12.16
12.71
13.26
13.81
14.36
14.92
15.48
16.04
16.60
17.16
17.73
18.29
18.86
19.43
20.00
20.58
21.15
12.50% 12.75% 13.00%
1.04
1.57
2.09
2.62
3.15
3.68
4.21
4.74
5.28
5.82
6.36
6.90
7.44
7.99
8.53
9.08
9.63
10.19
10.74
11.30
11.85
12.41
12.97
13.54
14.10
14.67
15.24
15.81
16.38
16.95
17.53
18.11
18.65
19.27
19.85
20.43
21.02
21.61
1.06
1.60
2.13
2.67
3.21
3.75
4.29
4.84
5.39
5.94
6.49
7.04
7.59
8.15
8.11
9.27
9.83
10.40
10.96
11.53
12.10
12.67
13.24
13.82
14.40
14.97
15.56
16.14
16.72
17.31
17.90
18.49
19.08
19.67
20.27
20.87
21.46
22.07
1.08
1.63
2.17
2.72
3.27
3.83
4.38
4.94
5.49
6.05
6.62
7.18
7.75
8.31
8.88
9.46
10.03
10.61
11.18
11.76
12.34
12.93
13.51
14.10
14.69
15.28
15.87
16.47
17.07
17.66
18.27
18.87
19.47
20.08
20.69
21.30
21.91
22.52
13.25%
1.10
1.66
2.22
2.78
3.34
3.90
4.47
5.03
5.60
6.17
6.15
7.32
1.90
8.48
9.06
9.64
10.23
10.82
11.41
12.00
12.59
13.19
13.78
14.38
14.98
15.59
16.19
16.80
17.41
18.02
18.63
19.25
19.87
20.49
21.11
21.73
22.36
22.99
13.50
1.12
1.69
2.26
2.83
3.40
3.97
4.55
5.13
5.71
6.29
6.88
7.46
8.05
8.64
9.23
9.83
10.43
11.03
11.63
12.23
12.84
13.44
14.05
14.66
15.28
15.89
16.51
17.13
17.75
18.38
19.00
19.63
20.26
20.90
21.53
72.17
22.81
23.45
13.75%
1.15
1.72
2.30
2.88
3.46
4.05
4.64
5.22
5.82
6.41
7.01
7.60
8.20
8.81
9.41
10.02
10.63
11.24
11.85
12.46
13.08
13.10
14.32
14.95
15.57
16.20
16.83
17.46
18.10
18.74
19.38
20.02
20.66
21.31
21.95
22.60
23.25
23.91
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