Chapter 13.II, Problem 12RE

BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the amount financed, the finance charge, and the monthly payments for the following add-on interest loans.

Purchase

(Cash) | Down | Amount | Add-on | Number of | Finance | Monthly | |||||

Price | payment | Financed | Interest | Payments | Charge | payment | |||||

12. | $50,300 | 25% | 12.4% | 60 |

To determine

**To calculate:** The amount financed, finance charge and monthly payment if purchase price is

Explanation

**Given Information:**

The purchase price is

**Formula used:**

Follow the steps to compute the monthly payment of installment through add-on interest method.

Step

Step *P* is principal, *R* is rate and *T* is time.

Step

Step

**Calculation:**

Consider that purchase price is

Compute amount financed by substituting purchase price to

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

Single Variable Calculus

Mathematical Excursions (MindTap Course List)

Statistics for The Behavioral Sciences (MindTap Course List)

Understanding Basic Statistics

Precalculus: Mathematics for Calculus (Standalone Book)

Essentials Of Statistics

Applied Calculus

Calculus: An Applied Approach (MindTap Course List)

Elementary Geometry For College Students, 7e

Calculus: Early Transcendental Functions

Probability and Statistics for Engineering and the Sciences

Calculus (MindTap Course List)

Single Variable Calculus: Early Transcendentals, Volume I

Intermediate Algebra

Finite Mathematics and Applied Calculus (MindTap Course List)

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

Mathematical Applications for the Management, Life, and Social Sciences

Elementary Technical Mathematics

Multivariable Calculus

Calculus: Early Transcendentals

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

Finite Mathematics

Elements Of Modern Algebra

Calculus of a Single Variable

Calculus: Early Transcendental Functions (MindTap Course List)

Trigonometry (MindTap Course List)

Single Variable Calculus: Early Transcendentals

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

Study Guide for Stewart's Multivariable Calculus, 8th

Mathematics: A Practical Odyssey

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

Multivariable Calculus

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Research Methods for the Behavioral Sciences (MindTap Course List)

Introduction To Statistics And Data Analysis

Calculus (MindTap Course List)

Mathematics For Machine Technology

Research Methods for the Behavioral Sciences (MindTap Course List)

College Algebra (MindTap Course List)