Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to thMonthlyPaymentPurchase(Cash)Price$711DownPaymentNeed Help?10%Read ItAmountFinanced$ 639 90Add-onInterest7%Number ofPayments12SFinanceChargeEnter a number.

Purchase price = $711 Down payment = 0.10 or 10% Amount financed = Purchase price * (1 - Down…

Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to til Add-on Interest Finance Charge Monthly Payment Purchase (Cash) Price $711 Down Payment Need Help? 10% Read It Amount Financed $ 639.90 7% Number of Payments 12 S x Enter a number

Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to til Add-on Interest Finance Charge Monthly Payment Purchase (Cash) Price $711 Down Payment Need Help? 10% Read It Amount Financed $ 639.90 7% Number of Payments 12 S x Enter a number

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Similar questions

Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?
Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase(Cash)Price DownPayment AmountFinanced Add-onInterest Number ofPayments FinanceCharge MonthlyPayment $2,000 15% $ 1700 12 1 2 % 30 $ _____ $ ____
Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $3,400 20% $ $247.00 12 $ $
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $8,800 36 11% $ $ $288.10
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $700 18 16% $ $ $
Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $3,200 20% $ $237.00 12 $ $
Find the following. (Round your answers to the nearest cent.) FinanceCharge Number ofPayments Frequency Amount Number ofPayments Left $9.10 12 Monthly $15 5 (b) the amount needed to pay off the loan
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,700 18 $123.89 12