Given Information: | ||||||||||||
The amount of purchase price is $4,700, down payment is $50, monthly payment is $104.63 and the number of payments are 60 | ||||||||||||
Formula used: | ||||||||||||
The formula to compute the amount financed is, | ||||||||||||
Amount financed = Purcahse Price - Down payment | ||||||||||||
= | $4,700-$50 | |||||||||||
= | $4,650.00 | |||||||||||
The formula to compute finance charge is, | ||||||||||||
Finance Charge = Total amount of installed payments - Amount financed | ||||||||||||
= | ($104.63*60)-$4,650 | |||||||||||
= | $1,627.80 | |||||||||||
The formula to deferred payment price is, | ||||||||||||
|
||||||||||||
= | ($104.63*60)+$50 | |||||||||||
= | $6,327.80 | |||||||||||
APR RATE IS 12.5% |
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