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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

George Bell bought an ultralight airplane for $29,200. He made a 15 % down payment and financed the balance with payments of $579 per month for 60 months.

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 $29,200, down payment percent is 15% and financed the balance with payments of $579 per month for 60 months.

Explanation

Given Information:

George Bell purchased an ultralight airplane for $29,200, down payment percent is 15% and financed the balance with payments of $579 per month for 60 months.

Formula used:

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

Down payment=Purchase Price×Down Payment Percent

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

Amount financed=Purchase priceDown payment

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

Total amount of installment payments=Monthly payment amount×Number of monthly payments

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

Finance charge=Total amount of installment paymentsAmount financed

Calculation:

Consider that purchase price is $29,200, down payment percent is 15%, monthly payment is $579 and number of payments is 60.

Compute down payment by substituting purchase price to $29,200 and down payment percent to 15%,

Down payment=Purchase Price×Down Payment Percent=29,200 × 0.15=$4,380

Hence, down payment is $4,380

(b)

To determine

To calculate: The total deferred payment price for the installment if George Bell purchased an ultralight airplane for $29,200, down payment percent is 15% and financed the balance with payments of $579 per month for 60 months. Down payment is $4,380 and total amount of installment payment is $34,740

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Chapter 13 Solutions

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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

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