Chapter 13.II, Problem 4RE

BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loans.

Purchase Total

(Cash) Down Amount Monthly Number of Finance Deferred

Price Payment Financed Payment Payments Charge Payment

Price

$2,900 0 _______ $187.69 18 _______ _______

To determine

**To calculate:** The amount financed, the finance charge and the total deferred payment price for the installment where purchase price is

Explanation

**Given Information:**

The amount of purchase price is

**Formula used:**

The formula to compute amount financed is,

The formula to compute total amount of installments payment is,

The formula to compute finance charge is,

The formula to compute total deferred payment price is,

**Calculation:**

Consider that purchase price is

Compute amount financed by substituting purchase price equals to

Hence, amount financed is

Compute total amount of installment payments by substituting monthly payment equals 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

Calculus (MindTap Course List)

Mathematical Applications for the Management, Life, and Social Sciences

Calculus: Early Transcendental Functions

Intermediate Algebra

Elementary Technical Mathematics

Precalculus: Mathematics for Calculus (Standalone Book)

Elementary Geometry For College Students, 7e

Single Variable Calculus: Early Transcendentals, Volume I

Statistics for The Behavioral Sciences (MindTap Course List)

Essentials Of Statistics

Multivariable Calculus

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

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

Understanding Basic Statistics

Applied Calculus

Finite Mathematics and Applied Calculus (MindTap Course List)

Calculus: Early Transcendentals

Probability and Statistics for Engineering and the Sciences

Calculus: An Applied Approach (MindTap Course List)

Mathematical Excursions (MindTap Course List)

Single Variable Calculus

Calculus of a Single Variable

Elements Of Modern Algebra

Trigonometry (MindTap Course List)

Single Variable Calculus: Early Transcendentals

Calculus: Early Transcendental Functions (MindTap Course List)

Study Guide for Stewart's Multivariable Calculus, 8th

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

Elementary Geometry for College Students

Finite Mathematics for the Managerial, Life, and Social Sciences

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

Calculus (MindTap Course List)

Multivariable Calculus

Mathematics: A Practical Odyssey

College Algebra (MindTap Course List)

Introduction To Statistics And Data Analysis

Research Methods for the Behavioral Sciences (MindTap Course List)

Research Methods for the Behavioral Sciences (MindTap Course List)

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Mathematics For Machine Technology