Jeslie Ann has a 48-month installment loan with a fixed monthly payment of $73.69. The amount she borrowed was $3200. Instead of making her 12th payment, Jeslie Ann is paying off the remaining balance of the loan. Answer parts a) through c) below. Number of Payments 30 36 48 4.0% 5.25 6.29 Annual Percentage Rate 8.38 4.5% (Finance charge per $100 of amount financed) 5.92 7.09 5.0% 9.46 6.59 7.90 5.5% 10.54 7.26 8.71 11.63
Jeslie Ann has a 48-month installment loan with a fixed monthly payment of $73.69. The amount she borrowed was $3200. Instead of making her 12th payment, Jeslie Ann is paying off the remaining balance of the loan. Answer parts a) through c) below. Number of Payments 30 36 48 4.0% 5.25 6.29 Annual Percentage Rate 8.38 4.5% (Finance charge per $100 of amount financed) 5.92 7.09 5.0% 9.46 6.59 7.90 5.5% 10.54 7.26 8.71 11.63
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
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 4FPE
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Transcribed Image Text:a) Determine the APR on the installment loan.
APR=
%
(Type an integer or a decimal.)
b) How much interest will Jeslie Ann save by paying off the loan early?
Jeslie Ann will save $.
(Round to the nearest cent as needed.)
c) What is the total amount due to pay off the loan?
The payoff amount is $.
(Type an integer or a decimal.)
Transcribed Image Text:54
Jeslie Ann has a
48-month installment
loan with a fixed monthly
payment of $73.69. The
amount she borrowed
was $3200. Instead of
making her 12th
payment, Jeslie Ann is
paying off the remaining
balance of the loan.
Answer parts a)
through c) below.
Number
of
Payments
30
36
48
4.0%
5.25
6.29
8.38
Annual Percentage Rate
(Finance charge per $100 of amount financed)
a) Determine the APR on the installment loan.
APR= %
(Type an integer or a decimal.)
4.5%
5.92
7.09
5.0%
9.46
6.59
7.90
5.5%
10.54
7.26
8.71
11.63
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