First America Bank’s monthly payment charge on a 48-month, $20,000 loan is $488.26. U.S. Bank’s monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? Months 48 Loan amount $ 20,000.00 First America Bank's monthly payment charge $ 488.26 U.S. Bank's monthly payment fee $ 497.70 Required: Using the information above please answer the following: What would be the finance charge amount with First America bank? What would be the APR for an auto loan with First America bank? What would be the finance charge amount with U.S. bank? What would be the APR for an auto loan with U.S. bank?
First America Bank’s monthly payment charge on a 48-month, $20,000 loan is $488.26. U.S. Bank’s monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? Months 48 Loan amount $ 20,000.00 First America Bank's monthly payment charge $ 488.26 U.S. Bank's monthly payment fee $ 497.70 Required: Using the information above please answer the following: What would be the finance charge amount with First America bank? What would be the APR for an auto loan with First America bank? What would be the finance charge amount with U.S. bank? What would be the APR for an auto loan with U.S. bank?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...
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First America Bank’s monthly payment charge on a 48-month, $20,000 loan is $488.26. U.S. Bank’s monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks?
| Months | 48 |
|---|---|
| Loan amount | $ 20,000.00 |
| First America Bank's monthly payment charge | $ 488.26 |
| U.S. Bank's monthly payment fee | $ 497.70 |
Required:
Using the information above please answer the following:
- What would be the finance charge amount with First America bank?
- What would be the APR for an auto loan with First America bank?
- What would be the finance charge amount with U.S. bank?
- What would be the APR for an auto loan with U.S. bank?
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