Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Amount Number of Monthly Financed Payments Payment $100,000 72 $2,025.50 $ Finance Charge APR %

Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Amount Number of Monthly Financed Payments Payment $100,000 72 $2,025.50 $ Finance Charge APR %

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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Question

Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round
dollar amounts to the nearest cent and percentages to one decimal place.)
Amount Number of
Financed Payments
$100,000
72
Monthly
Payment
$2,025.50 $
Finance
Charge
APR
%

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