Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out...
Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors. Cash price $7,820 Down payment $0 Annual percentage rate 15.28% Deferred price $11,284.20 or 60 payments at $188.07 per month a. Calculate the amount financed. b. Calculate the finance charge. (Round your answer to the nearest cent.)
Homework Answers
a]
Amount financed is calculated using PV function in Excel :
rate = 15.28%/12 (converting annual rate into monthly rate)
nper = 60 (total number of monthly payments)
pmt = -188.07 (Monthly payment. This is entered with a negative sign because it is a payment)
PV is calculated to be $7,856.82
b]
Finance charge = deferred price - amount financed
Finance charge = $11,284.20 - $7,856.82
Finance charge = $3,967.38
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