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Math
Advanced MathContemporary Mathematics for Business & Consumers8th Edition

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Chapter 13.II, Problem 4TIE
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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
Problem 4TIE
Problem 5TIE
Problem 6TIE
Problem 7TIE
Problem 8TIE
Problem 9TIE
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 16RE
Problem 17RE
Problem 18RE
Problem 19RE
Problem 20RE
Problem 21RE
Problem 22RE
Problem 23RE
Problem 24RE
Problem 25RE
Problem 26RE
Problem 27RE
Problem 28RE
Problem 29RE
Problem 30RE
Problem 31RE
Problem 32RE
Problem 33RE
Problem 34RE
Problem 35RE
Problem 36RE
Problem 37RE
Problem 38RE
Problem 39RE
Problem 40RE
Problem 41RE
Problem 42RE
Problem 43RE
Problem 44RE
Problem 45RE
Problem 46RE
Problem 47RE
Problem 48RE
Problem 49RE
Problem 50RE
Problem 51RE
Problem 52RE
Problem 53RE
Problem 54RE
Problem 55RE
Problem 56RE
Problem 57RE
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

Bob Johnson found a car he wanted to buy at Autorama Auto Sales. He had the option of paying $12,500 in cash or financing the car with a 4-year installment loan. The loan required a 15% down payment and equal monthly payments of $309.90 for 48 months.

a. What is the finance charge on the loan?

b. What is the total deferred payment price of Bob’s car?

(a)

To determine

To calculate: The finance charge on the loan if purchase price of Bob Johnson’s car is $12,500, down payment percent is 15%, monthly payment is $309.90 and number of payments is 48.

Explanation

Given Information:

The purchase price of Bob Johnson’s car is $12,500, down payment percent is 15%, monthly payment is $309.90 and number of payments is 48.

Formula used:

The formula for amount financed is,

Amount financed=Purchase price−Down payment

The formula for the down payment,

Down payment=Purchase Price×Down Payment Percent

The formula for total amount of installments payment is,

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

The formula for finance charge is,

Finance charge=Total amount of installment payments−Amount financed

Calculation:

Consider that purchase price of Bob Johnson’s car is $12,500, down payment percent is 15%, monthly payment is $309.90 and number of payments is 48.

Compute down payment by substituting purchase price to $12,500 and down payment percent is 0.15,

Down payment=Purchase Price×Down Payment Percent=$12,500 × 0.15=$1,875

Hence, down payment is $1,875

(b)

To determine

To calculate: The total deferred payment price for the installment if Bob Johnson’s total amount of installment payment is $14,875.20 and down payment is $1,875.

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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

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