BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

Buster Blaster Recording Studio purchased a new digital recording console for $28,600. A down payment of $5,000 was made and the balance financed with monthly payments of $653.92 for 48 months.

a. What is the finance charge on the loan?

b. Use Table 13-1 to find what annual percentage rate was charged on the equipment loan.

(Use the closest value found in Table 13-1 to find your result.)

(a)

To determine

To calculate: The finance charge if Buster Blaster Recording Studio purchased a new digital recording console for $28,600, down payment of $5,000 and the balance financed with monthly payments of $653.92 for 48 months.

Explanation

Given Information:

Buster Blaster Recording Studio purchased a new digital recording console for $28,600, down payment of $5,000 and the balance financed with monthly payments of $653.92 for 48 months.

Formula used:

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

Amount financed=Purchase priceDown payment

The finance charge per $100 can be computed by:

Finance charge per $100=Finance charge×100Amount financed

From table 13-1, note the number of payment column to the number of payments for the loan.

Note the right number of payment row to the table factor that is closely related to the finance charge per $100

Total amount of installment payments=Amount financed+finance charge

Look at the top of the column for the APR of the loan.

Calculation:

Consider purchase cost is $28,600, down payment is $5,000, number of payment is 48 and monthly payment $653.92.

Compute the amount financed by substituting purchase cost to $28,600 and down payment to $5,000

(b)

To determine

To calculate: The annual percentage rate (APR) if Buster Blaster Recording Studio purchased a new digital recording console for $28,600, down payment of $5,000 and the balance financed with monthly payments of $653.92 for 48 months. Finance charge per $100 is $33.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 13 Solutions

Show all chapter solutions add
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

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

Multiply: 71,263255

Elementary Technical Mathematics

Expand each expression in Exercises 122. (x22x+1)2

Finite Mathematics and Applied Calculus (MindTap Course List)

What is the value of (X + 1) for the following scores: 0, 1, 4, 2? a. 8 b. 9 c. 11 d. 16

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

6x2(3x2+2)+14(x+2)

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

Use the guidelines of Section 4.5 to sketch the curve. y = 2x3 3x2 + 12x + 5

Single Variable Calculus: Early Transcendentals, Volume I

Find the limit or show that it does not exist. limx[ln(2+x)ln(1+x)]

Single Variable Calculus: Early Transcendentals

log27 9 =

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