am. 116. Nellie Viner saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad hadno errors.Cash price $7,930Down payment $0Annual percentage rate 15.28%Deferred price $11,443.20 or 60 payments at $190.72 per monthRequired:a. Calculate the amount financed.b. Calculate the finance charge.Note: Do not round intermediate calculations. Round your answer to the nearest cent.c. Calculate the APR by formula.Note: Do not round intermediate calculations. Enter your answer as a percentage rounded to 1 decimal place.d. Calculate the monthly payment by add-on-method.Note: Do not round intermediate calculations. Round your answer to the nearest cent.e. Calculate the monthly payment by formula.Note: Do not round intermediate calculations. Round your answer to the nearest cent.a. Amount financedb. Finance charge

Here, CashPrice$7930Down Payment0Annual Percentage Rate15.28%Deferred Price$11443.5Number of…

Answered: Nellie Viner saw the following…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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From this partial advertisement: $123.86 per month for 60 months $5,200 used car cash price $50 down payment a. Calculate the amount financed. Amount financed b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge c. Calculate the deferred payment price. (Round your answer to the nearest cent.)
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup.(Use Table 14.1.) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent. Purchase price of a used car $ Down payment Number of monthly payments 5,893 $ Amount financed Total of monthly payments 5,949.76 Total finance charge APR
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.) Purchase price of a used car $ Down payment 1,243 5,713 $ Number of monthly payments 48 Amount financed Total of monthly payments $ 5,769.76 Total finance charge APR
Use estimation to select the best response. Do not calculate.If I pay off my credit card balance each month, the most important cost factor is Use the editor to format your answer
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup.(Use Table 14.1.) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent. Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $5,593 $1,183 48 $5,649.76 ANNUAL PERCENTAGE RATE NUMBER OF PAYMENTS 10.00% 10.251% 10.50% 10.75% 11.00% 11.25% 11.50% 11.75% 12.00% 12.25% 12.50% 12.75% 13.00% 13.25% 13.50 13.75% (FINANCE CHARGE PER $100 OF AMOUNT FINANCED) 1 0.83 0.85 0.87 0.90 0.92 0.94 0.96 0.98 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.15 2 1.25 1.28 1.31 1.35 1.38 1.41 1.44 1.47 1.50 1.53 1.57 1.60 1.63 1.66 1.69 1.72 3 1.67 1.71 1.76 1.80 1.84 1.88 1.92 1.96 2.01 2.05 2.09 2.13 2.17 2.22 2.26 2.30 4 2.09 2.14 2.20 2.25 2.30 2.35 2.41 2.46 2.51 2.57 2.62 2.67 2.72 2.78 2.83 2.88 5 2.51 2.58 2.64 2.70 2.77 2.83 2.89 2.96 3.02 3.08 3.15…
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) *****Tables attached****** Purchase price of used car=$4,195 Down Payment=95 Number of monthly payments=60 Amount Financed=(need answered) Total of monthly payments=5,944 Total Finance Charge=(need answered) APR=(need answered)
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $3,000 balance, 11%, $90 payment (a) previous balance method $ Correct: Your answer is correct. (b) adjusted balance method $ Incorrect: Your answer is incorrect. (c) average daily balance method $ Incorrect: Your answer is incorrect.
Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, the annual interest rate, and any other transactions are given below. Last month's balance. $500 Payment, $250 Interest rate, 16.6% Bought dog, $120 Bought pet supplies, $40 Paid veterinarian bill, $90 The finance charge is $___ (Round to the nearest cent as needed.)
Layaway Fees Compute the specified quantity. Layaway plans allow you, for a fee, to pay for an item over a period of time and then receive the item when you finish paying for it. In November 2011, Senator Charles E. Schumer of New York warned that the holiday layaway programs recently reinstated by several popular retailers were, when you took the fees into account, charging interest at a rate significantly higher than the highest credit card rates.t Suppose that you bought a $74 item on November 15 on layaway, with the final payment due December 15, and that the retailer charged you a $5 service fee. Thinking of the fee as interest, what simple interest rate r would you be paying for this layaway plan? (Round your answer to three decimal places.) %
LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
29. Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1.) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent. Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $5,673 $1,223 48 $5,729.76 TABLE 14.1 ANNUAL PERCENTAGE RATE NUMBER OF PAYMENTS 10.00% 10.251% 10.50% 10.75% 11.00% 11.25% 11.50% 11.75% 12.00% 12.25% 12.50% 12.75% 13.00% 13.25% 13.50 13.75% (FINANCE CHARGE PER $100 OF AMOUNT FINANCED) 1 0.83 0.85 0.87 0.90 0.92 0.94 0.96 0.98 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.15 2 1.25 1.28 1.31 1.35 1.38 1.41 1.44 1.47 1.50 1.53 1.57 1.60 1.63 1.66 1.69 1.72 3 1.67 1.71 1.76 1.80 1.84 1.88 1.92 1.96 2.01 2.05 2.09 2.13 2.17 2.22 2.26 2.30 4 2.09 2.14 2.20 2.25 2.30 2.35 2.41 2.46 2.51 2.57 2.62 2.67 2.72 2.78 2.83 2.88 5 2.51 2.58 2.64 2.70 2.77 2.83 2.89…
A credit card company is studying its late fee policy. The company has two types of customers: revolvers and transactors. It has 30% revolvers and 70% transactors. The 21. balance carried by each type of customer is shown below: Balance, $ 2000 4000 6000 Revolver probability 0.2 0.3 0.5 Transactor probability 0.5 0.4 0.1 When late fees are assessed, customers call and request a reversal. The policy is to allow revolvers to get a refund of the fees, and to deny refunds to transactors. When denied refunds, 30% of accounts close their accounts within a year, while 20% of the others whose fees were returned also close their accounts (perhaps they are still unhappy). If you start with 20 accounts (all of whom are assessed late fees), simulate the total balance at the end of the year.

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