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 tothe nearest cent.)AmountNumber ofTableFinanceMonthlyPaymentAPRFinancedPaymentsFactorCharge$9,3003613%2$21.302$2$

In this we have to find out monthly interest rate and present value FACTOR and get monthly payment…

Calculate the table factor, the finance charge, and the monthly pay $) for the loan by using the APR table, Table 13-1. (Round your ans the nearest cent.) Amount Number of Table Finance Monthly Payment APR Financed Payments Factor Charge $9,300 36 13% $ 21.30 %24 %24

Calculate the table factor, the finance charge, and the monthly pay $) for the loan by using the APR table, Table 13-1. (Round your ans the nearest cent.) Amount Number of Table Finance Monthly Payment APR Financed Payments Factor Charge $9,300 36 13% $ 21.30 %24 %24

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 5FPE

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Concept explainers

International Bonds

A bond is fixed-income security where a lender comes into a contract with the borrower. The borrower agrees to make payment and interest at a specified date in the future or on maturity period. It is a type of financing that helps to fulfill and meet obligations. Many people invest in bonds because it is a simple form of security.

Question

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.)
Amount
Number of
Table
Finance
Monthly
Payment
APR
Financed
Payments
Factor
Charge
$9,300
36
13%
2$
21.30
2$
2$

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