Chapter 13, Problem 7AT

BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

George Bell bought an ultralight airplane for $29,200. He made a

**a.** What is the finance charge on George’s loan?

b. What is the total deferred payment price of the airplane?

**(a)**

To determine

**To calculate:** The finance charge on George loan if George Bell purchased an ultralight airplane for

Explanation

**Given Information:**

George Bell purchased an ultralight airplane for

**Formula used:**

The down payment is computed by multiplying down payment percent by the purchase price,

The amount financed is computed by subtracting down payment from purchase price,

The total amount of installments payment is computed by multiplying monthly payment with number of monthly payments,

The finance charge is computed by subtracting amount financed from total amount of installment payments,

**Calculation:**

Consider that purchase price is

Compute down payment by substituting purchase price to

Hence, down payment is

**(b)**

To determine

**To calculate:** The total deferred payment price for the installment if George Bell purchased an ultralight airplane for

Sect-13.I P-1TIESect-13.I P-2TIESect-13.I P-3TIESect-13.I P-1RESect-13.I P-2RESect-13.I P-3RESect-13.I P-4RESect-13.I P-5RESect-13.I P-6RESect-13.I P-7RE

Sect-13.I P-8RESect-13.I P-9RESect-13.I P-10RESect-13.I P-11RESect-13.I P-12RESect-13.I P-13RESect-13.I P-14RESect-13.I P-15RESect-13.I P-16RESect-13.I P-17RESect-13.I P-18RESect-13.II P-4TIESect-13.II P-5TIESect-13.II P-6TIESect-13.II P-7TIESect-13.II P-8TIESect-13.II P-9TIESect-13.II P-1RESect-13.II P-2RESect-13.II P-3RESect-13.II P-4RESect-13.II P-5RESect-13.II P-6RESect-13.II P-7RESect-13.II P-8RESect-13.II P-9RESect-13.II P-10RESect-13.II P-11RESect-13.II P-12RESect-13.II P-13RESect-13.II P-14RESect-13.II P-15RESect-13.II P-16RESect-13.II P-17RESect-13.II P-18RESect-13.II P-19RESect-13.II P-20RESect-13.II P-21RESect-13.II P-22RESect-13.II P-23RESect-13.II P-24RESect-13.II P-25RESect-13.II P-26RESect-13.II P-27RESect-13.II P-28RESect-13.II P-29RESect-13.II P-30RESect-13.II P-31RESect-13.II P-32RESect-13.II P-33RESect-13.II P-34RESect-13.II P-35RESect-13.II P-36RESect-13.II P-37RESect-13.II P-38RESect-13.II P-39RESect-13.II P-40RESect-13.II P-41RESect-13.II P-42RESect-13.II P-43RESect-13.II P-44RESect-13.II P-45RESect-13.II P-46RESect-13.II P-47RESect-13.II P-48RESect-13.II P-49RESect-13.II P-50RESect-13.II P-51RESect-13.II P-52RESect-13.II P-53RESect-13.II P-54RESect-13.II P-55RECh-13 P-1CRCh-13 P-2CRCh-13 P-3CRCh-13 P-4CRCh-13 P-5CRCh-13 P-6CRCh-13 P-7CRCh-13 P-8CRCh-13 P-9CRCh-13 P-10CRCh-13 P-11CRCh-13 P-12CRCh-13 P-13CRCh-13 P-14CRCh-13 P-1ATCh-13 P-2ATCh-13 P-3ATCh-13 P-4ATCh-13 P-5ATCh-13 P-6ATCh-13 P-7ATCh-13 P-8ATCh-13 P-9ATCh-13 P-10ATCh-13 P-11ATCh-13 P-12ATCh-13 P-13ATCh-13 P-14ATCh-13 P-15AT

Elementary Geometry For College Students, 7e

Finite Mathematics and Applied Calculus (MindTap Course List)

Probability and Statistics for Engineering and the Sciences

Understanding Basic Statistics

Applied Calculus

Single Variable Calculus: Early Transcendentals, Volume I

Essentials Of Statistics

Elementary Technical Mathematics

Calculus: Early Transcendental Functions

Mathematical Excursions (MindTap Course List)

Statistics for The Behavioral Sciences (MindTap Course List)

Mathematical Applications for the Management, Life, and Social Sciences

Finite Mathematics

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

Calculus: Early Transcendentals

Precalculus: Mathematics for Calculus (Standalone Book)

Intermediate Algebra

Multivariable Calculus

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Calculus (MindTap Course List)

Calculus: An Applied Approach (MindTap Course List)

Single Variable Calculus

Single Variable Calculus: Early Transcendentals

Elements Of Modern Algebra

Calculus of a Single Variable

Trigonometry (MindTap Course List)

Calculus: Early Transcendental Functions (MindTap Course List)

Study Guide for Stewart's Multivariable Calculus, 8th

Finite Mathematics for the Managerial, Life, and Social Sciences

Elementary Geometry for College Students

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Mathematics For Machine Technology

Multivariable Calculus

Introduction To Statistics And Data Analysis

Calculus (MindTap Course List)

Research Methods for the Behavioral Sciences (MindTap Course List)

Statistics for Business & Economics, Revised (MindTap Course List)

Research Methods for the Behavioral Sciences (MindTap Course List)

College Algebra (MindTap Course List)