ramon hernandez saw the following advertisement for a used volkswagen bug and decided to work out the numbers to be sure the ad had no errors. cash price $7,880 down payment $0 annual percentage rate 14.53% deferred price $11,131.80 or 60 payments at $185.53 per montha. calculate the amount financed: $7,880b. calculate the finance charge. (round your answer to the nearest cent.): $3,251.80c. calculate the apr by table lookup. (use table 14.1(b).) (round your answers to 2 decimal places.): 14.50% to 14.75%d. calculate the monthly payment by formula. (round your answer to the nearest cent.): ??Calculate the monthly payment by table lookup at 14.50% (Use table 14.2 round your answer to the nearest cent): ?? TABLE(concluded)ANNUAL PERCENTAGE RATEOF(FINANCE CHARGE PER S1O0 OF AMOUNT FINANCEDISE L2.76 2.80 2.5 7.89 2.93 2.t16 116 115 23.67 3.7360 E3. 7802 ECE E0*E 66 216 EES C65 E4.47 4,94 5.02 $.095.58 5.66 $.75 S.83 S.92 6.006.29 6.38 6.44 6.5# 6.67 6.4.123.17 $.24SE*(2 S06S6.6097.96 8.08 8.19 8.3121L1.37 8.70 8.83 8.96 9.094.02 .16 .30 9.45 9.59 9.73 9.879.58 9.71 .89 10.04 10.20 10.15 10.50 10.6610.79 10.45 10.47 10.78 10.95 11.1l 11.28 11.457.14 7.27 1.401.53 7.66 7.796521*01 96*15.221 90 21 *1 101 1S 11 11 4!'1! 00 1t 24 0t +9*01 1*91 62 01 I1'0 ****9116.17 16.4 16. 76 17.06 17.35 17.65 17.05 18.25 14.5s 18.44 19.14 14.44 19.79 20.05 20.M***t 417 17.80 16.12 16.44 16.76 19.0e 14.4 1.74 20.0A 7J.10 20.71 21.04 21.37 21.69 22.021 18.47 18.80 19.14 19.47 10.#I 20.1 20.44 20.47 21.1s 21.50 21.84 22.1A 2.52 22.6(11 09"47.20.54 20.90 21.74 71.42 21.99 27.1s 22.72 23.0 21.44 23.a1 24.1A 24.5918 st20-40 20.79 21.17 21. 56 21.95 2 2.33 22.72 23.11 23.50 23.44 24.28 24,44 25.07 25.46 74,46 24/2522.80 23.23 23.5 24.08 24.51 24.4 25. 25.79 26.23 26.66 27.09 77.52 27. A24.39 /28.8323.04 23.48 23.92 24.35 24.80 25.24 24.6 26.12 26.47 21.01 27.4 27,90 28.35 24,40 74,25 29.7023.70 24.16 24.41 25.D6 25.51 25.47 26.42 20.84 27.14 27.80 24.2 24,77 24,18 29, 64 10.10 30.572.37 24.84 25.30 25.77 26.24 24.70 27.17 27.04 28.11 26.59 29.0a 24,51 30.OL 30.49 1n,6 .4462 66 9 24 61 24 0 16 1 16 *0€ #1*66 $**62 8162 #0*2 91 42 6 12 61 L2 2 224.41 28.92 29.44 29.95 30.46 0.97 31.49 32.01 32.52 33.04 13,45 4,0831.36 31.9232.49 33.06 33.63 34, 20 34,77 35, 35 35.92 36.50 17.04 17.6029.74 30.36 30.9* 31.$2 32.10 32.8 33.26 33.4 34,43 5.01 35.60 36.19 36.76 17.37 37.96 18,5642.33 41.04 43.75 44,47 45.18 45, 9010 $6.1342.57 41.1I44.05 44,23 45.0045.774 41,32 48.09 48.47 44,4.1# 38.93 39.6* 40.43 41.14 41.95 42.7146.64 47.42 .71 49.0L 49,80 0,4049,92 50.73 1.5521 69 16 16 1 16 5

a. amount financed = selling price - down payment = 7880 - 0 = $7880

calculate the amount financed: $7,880 b. calculate the finance charge. (round your answer to the nearest cent.): $3,251.80 c. calculate the apr by table lookup. (use table 14.1(b).) (round your answers to 2 decimal places.): 14.50% to 14.75% d. calculate the monthly payment by formula. (round your answer to the nearest cent.): ?? Calculate the monthly payment by table lookup at 14.50% (Use table 14.2 round your answer to the nearest cent): ??

calculate the amount financed: $7,880 b. calculate the finance charge. (round your answer to the nearest cent.): $3,251.80 c. calculate the apr by table lookup. (use table 14.1(b).) (round your answers to 2 decimal places.): 14.50% to 14.75% d. calculate the monthly payment by formula. (round your answer to the nearest cent.): ?? Calculate the monthly payment by table lookup at 14.50% (Use table 14.2 round your answer to the nearest cent): ??

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter12: Capital Structure

Section: Chapter Questions

Problem 1PROB

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