Chapter 13, Problem 13AT

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

An Auntie Anne’s franchise financed a $68,000 pretzel oven with a

**a.** What is the finance charge on the loan?

**b.** What are the monthly payments?

**c.** What annual percentage rate is being charged on the loan?

**d.** If the company decides to pay off the loan after 22 months, what is the loan payoff?

**(a)**

To determine

**To calculate:** The finance charge if Auntie Anne’s franchise financed a

Explanation

**Given Information:**

Auntie Anne’s franchise financed a

**Formula used:**

Finance charge can be computed by multiplying interest, rate and time:

Where, interest is finance charge and principal are amount financed

**Calculation:**

Consider purchase price is

Compute the amount financed by substituting purchase price to

**(b)**

To determine

**To calculate:** The monthly payments if Auntie Anne’s franchise financed a

**(c)**

To determine

**To calculate:** The annual percentage rate if Auntie Anne’s franchise financed a

**(d)**

To determine

**To calculate:** The loan payoff if Auntie Anne’s franchise financed a

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