Jamie needs a new roof on her house. The cash cost is $5600. She decides to finance the project by paying 6.0% down, with the balance paid in 12 monthlypayments of $463.a) What finance charge will Jamie pay?b) What is the APR to the nearest half percent?Click the icon to view the APR table.a) The finance charge is $b) The APR is%. Number ofpayments6121824303648604.0% 4.5% 5.0%Annual Percentage Rate Table for Monthly Payment PlansAnnual Percentage Rate5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5%2.79 2.931.17 1.32 1.462.18 2.45 2.733.20 3.60 4.005.225.506.86 7.28 7.698.10(Finance charge per $100 of amount financed)1.61 1.76 1.90 2.05 2.20 2.35 2.49 2.643.00 3.28 3.56 3.83 4.11 4.39 4.66 4.944.41 4.82 5.22 5.636.04 6.455.83 6.37 6.91 7.458.00 8.54 9.09 9.64 10.19 10.758.61 9.30 9.98 10.66 11.35 12.04 12.74 13.439.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.1617.18 18.31 19.45 20.59 21.744.22 4.75 5.295.25 5.92 6.59 7.26 7.946.29 7.09 7.90 8.718.38 9.46 10.54 11.63 12.73 13.83 14.94 16.0610.50 11.86 13.23 14.61 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48Print9.0% 9.5% 10.0%Done

If an individual takes a loan from the bank, It is the individual's responsibility to pay the…

Jamie needs a new roof on her house. The cash cost is $5600. She decides to finance the project by paying 6.0% down, with the balance paid in 12 monthly payments of $463. a) What finance charge will Jamie pay? b) What is the APR to the nearest half percent? Click the icon to view the APR table. a) The finance charge is $ b) The APR is %.

Jamie needs a new roof on her house. The cash cost is $5600. She decides to finance the project by paying 6.0% down, with the balance paid in 12 monthly payments of $463. a) What finance charge will Jamie pay? b) What is the APR to the nearest half percent? Click the icon to view the APR table. a) The finance charge is $ b) The APR is %.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 20PROB

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