You wish to finance the purchase of a boat home for $38,400. A finance company offers an APR of 12% on a 24-month installment loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
You wish to finance the purchase of a boat home for $38,400. A finance company offers an APR of 12% on a 24-month installment loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...
Related questions
Question
Transcribed Image Text:You wish to finance the purchase of a boat home for $38,400. A finance company offers an APR of 12% on a 24-month installment
loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
Transcribed Image Text:ANNUAL PERCENTAGE RATE TABLE FOR MONTHLY PAYMENT PLANS
SEE INSTRUCTIONS FOR USE OF TABLES
NUMBER
ANNUAL PERCENTAGE RATE
OF
PAYMENTS 10.00% 10.25% 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)
1.67 1.71
2.14
2.64
0.92 0.94 0.96 0.98 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.15
0.83 0.85 0.87 0.90
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
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
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
2.70 2.77 2.83 2.89 2.96 3.02 3.08 3.15 3.21 3.27 3.34 3.40 3.46
3.39 3.45 3.53 3.60 3.68 3.75 3.83
3.90. 3.97 4.05
3.87 3.95 4.04 4.12 4.21 4.29 4.38 4.47 4.55 4.64
4.36 4.46 4.55 4.65 4.74 4.84 4.94 5.03 5.13 5.22
4.85 4.96 5.07 5.17 5.28 5.39 5.49 5.60 5.7L 5.82
5.35 5.46 5.58 5.70 5.82 5.94 6.05 6.17 6.29 6.41
12345
67899
10
11
13
14
16
17
18
19
20
21
2242 2288 228 ****
23
26
27
29
30
31
32
33
35
37
38
39
42
43
48
50
51
52
53
54
55
56
57
58
59
60
2.09
2.51 2.58
3.08
3.16 3.23 3.31
3.53 3.62 3.70 3.78
3.98 4.07 4.17 4.26
4.75
4.43 4.53
5.23
4.76 4.88 4.99
5.11
5.07 5.20 5.33 5.45 5.58 5.71 5.84 5.97 6.10
6.36 6.49
6.23
6.90 7.04
6.48 6.62 6.76
5.50 5.64 5.78 5.92 6.06 6.20 6.34
6.99 7.14 7.29 7.44 7.59
5.93 6.08 6.23 6.38 6.53 6.68 6.84
7.66 7.82 7.99 8.15
7.50
6.85 7,01
6.36 8.52 6.69
7.17 7.34
8.53 8.71
8.36
8.19
7.84 8.01
7.66
7.32
6.80 6.97 7.14
2.94
3.01
3.36 3.45
3.79 3.88
4.21 4.32
4.64
7.23 7.41
7.60
8.06
7.67 7.86
8.31 8.52
8.10
8.76 8.98
8.54
9.21
8.98
7.97
7.78
8.25 8.45
8.73 8.93
9.42
9.20
9.90
9.67
8.15
8.65
9.14
9.64
10.13
11.36
11.12
9.66 9.90 10.15 10.39 10.63 10.88
11.64
9.86 10.12 10.37
11.90
10-62 10.88 11.13 11.39
10.30 10.57 10.84 11.10 11.37 11.63
12.44
11.90 12.17
12.98
11-58
10.75 11.02 11.30
11.86 12.14 12.42 12.70
13.52
12.06 12.35
11.48 11.77
12.64 12.93 13.22
11.19
9.27 9.46 9.64
9.08
9.83 10.02
8.90
8.71
8.53
8.34
10.03 10.73
9.63
10.43
9.83
10.63
9.24 9.44
8.84 9.04
10.61 10.82 11.03 11.24
10.19 10.40
9.98
9.77
9.56
9.35
11.18 11.41 11.63 11.85
10.74 10.96
10.30 10.52
9.86 10.08
11.76 12.00
11.06 11.30 11.53
12.23 12.46
10.83
10.37 10.60
11.64 11.94
15.59 15.89 16.20
14.97 15.28
15.56 15.87 16.19 16.51 16.83
16.47 16.80 17.13 17.46
17.07 17.41 17.75 18.10
17.66
18.38 18.74
18.02
12.10 12.34 12.59 12.84 13.08
11.85
11.61
12.41 12.67
13.19 13.44 13.70
12.93
12.16
13.51 13.78 14.05 14.32
12.97 13.24
12.71
14.10 14.38 14.66 14.95
13.26 13.54 13.82
13.81 14.10 14.40 14.69 14.98 15.28 15.57
Te
14.67
14.36
13.75 14.06
12.24 12.54 12.85 13.15 13.45
14.60 14.92 15.24
14.29
13.34 13.66 13.97
12.71 13.03
15.15 15.48 15.81 16.14
12.09 12.40
12.53 12.86 13.18 13.51 13.84 14.16 14.49 14.82
16.72
16.04 16.38
15.70
15.35
15.01
14.00
14.67
13.32 13.66
14.33
12.98
16.95 17.31
16.60
15.89 16.24
15.19 15.54
14.48 14.83
13.43 13.78 14.13
19.00 19.38
18.27 18.63
17.53
16.79 17.16
16.06 16.43
15.33
14.25 14.61 14.97
15.70
18.87 19.25 19.63 20.02
13.89
18.11
17.35
16.59 16.97
15.84 16.21
14.34 14.71 15.09 15.46
18.29 18.69 19.08 19.47 19.87 20.26 20.66
16.34
14.79 15.18 15.57 15.95
17.90
16.73 17.12 17.51
18.86 19.27 19.67 20.08 20.49 20.90 21.31
17.25 17.65 18.05 18.46
16.85
16.44
15.65 16.05
21.53 21.95
20.69 21.11
19.85 20.27
19.43
18.60 19.01
18.18
17.77
17.35
16.53 16.94
16.11
17.90
18.49
17.73
15.25
15.70
MODA ALA
24.69
24.13
23.57
23.01
22.46
21.35 21.90
20.80
25.25
24.68
23.53 24.10
22.97
21.83
21.27
22.40
25,81
25.23
24.06 24.64
23.48
22.90
21.74 22.32
26.38
25.78
25.18
24.58
23.39 23.99
22.21 22.80
26.95
26.33
25.72
25.11
23.89 24.50
22.69 23.29
6.88
7.46
6.62 6.75
7.18 7.32
7.75 7.90 8.05
8.31 8.48 8.64
8.88 9.06 9.23
FRB-103-M
20.43 20.87 21.30 21.73 22.17 22.60
19.14
20.00
19.57
18.71
17.86 18.29
17.43
17.01
16.58
16.16
21.02 21.46 21.91 22.36 22.81 23.25
19.25
20.13
19.69
20.58
18.81
18.37
17.49 17.93
16.62 17.06
23.45 23.91
22.52 22.99
21.61 22.07
20.24 20.69 21.15
19.78
19.33
18.88
18.43
17.98
17.08 17.53
24.56
23.14
24.09
23.61
27.67
22.20
21.73
21.26
20.79
20.32
19.86
19.39
18.46 18.93
17.54 18.00
25.22
24.25 24.73
23.27 23.76
21.82
22.79
22.30
21.34
20.86
20.38
19.90
18.95 19.43
18.00 18.48
22.39
21.89
21.40
20.91
20.42
19.93
19.44
18.95
18.47
22.96
22.45
21.94
21.44
20.93
19.93 20.43
18.93 19.43
23.53
21.97 22.49 23.01
21.45
20.42 20.94
19.91
19.40
24.10
23.03 23.57
22.50
21.44 21.97
19.86 20.39 20.91
24.67
24.12
23.58
23.03
22.49
21.41
20.33 20.87
21.95
25.25 25.81
26.40
25.82
26.40 26.99
26.98 27.59
28.18
27.56
7.01
7.60
8.20
8.81
9.41
25.38 25.88
22.88
23.88 24.38 24.88
23.38
26.55
26.03
25.51
25.00
23.47 23.98 24.49
26.6A 27.21
26.15
25.62
24.57 25.10
24.05
27.33 27.88
26.79
26.25
24.64 25.17 25.71
27.99 28.55
26.88 27.43
25.22 25.77 26.32
26.37 26.94 27.51
26.98 27.56 28.14
27.58 28.18 28 TT
28,80
28.19
29.41
29.42
28.80
30.04
28.78
28.15
29.41
27.52
26.89
26.26
25.64
25.02
24.40
23.16 23.78
28.09 28.73
25.53 26.17 26.81 27.45
30.02
29.38
23.64 24.27 24.90
28.66 29.32
24.11 24.76 25.40 26.05 26.70 27.35 28.00
29.98 30.64
29.23
25.25 25.91 26.57 27.23 27.90 28.56
29.91 30.58 31.25
24.59
30.50
31.87
31-18
29.81
29.13
27.77 28.44
25.74 26.41 27.09
25.07
28.08
28.72
29.37
30.02
30.67
29.65 29.22
29.31 29.89
29.97 30.57
30.63 31.24
31.29 31.92
31.32 31.96 32.60
30.05 30.68
31.98 32.63 33.29
31.32
30.67
31.97 32.63 33.30 33.97
31.30
31.93 32.61 33.29 33.98 34.66
33.95 34.65 35.35
33.26
32.56
33.20 33.91 34.62 35.33 36.04
32.49
25.55 26.23 26.92 27.61 28.30 28.99 29.69 30.39 31.09 31.79
33.83 34.56 35.28 36.01 36.74
26.03 26.73 27.43 28.13 28.84 29.54 30.25 30.97
33.11
31.68 32.39
26.51 27.23 27.94 28.66 29.37 30.10 30.82 31.55 32.27 33.00 33.74 34.47 35.21 35.95 36.69 37.43
27.00 27.72 28.45 29.18 29.91 30.65 31.39 32.13 32.87 33.61 34.36 35.11 35.86 36.62 37.37 38.13
27.48 28.22 28.96 29.71 30.45 31.20 31.96 32.71 33.47 34.23 34.99 35.75 36.52 37.29 38.06 38.83
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Financial Management (MindTap Course…
Finance
ISBN:
9781337395083
Author:
Eugene F. Brigham, Phillip R. Daves
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Financial Management (MindTap Course…
Finance
ISBN:
9781337395083
Author:
Eugene F. Brigham, Phillip R. Daves
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning