Question

An installment contract for the purchase of a car requires payments of

$282.39

at the end of

each

month

for

3.5

years.

Interest is

11%

per annum compounded monthly.monthly.

(a) What is the amount financed?

(b) How much is the interest cost?

Answer 1

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PV, FV, ANNUITY (Autosaved) Microsoft Excel (Product Activation Failed) File Home Insert Page Layout Formulas Data Review View Add-Ins Σ AutoSum - Cut A A Wrap Text Calibri 11 General E Copy Fill Merge & Center Insert Delete Format Paste +.0 .00 Conditional Format Cell Sort & Find & BIU % .00 0 Format Painter Clear Filter Select Formatting as Table Styles Editing Clipboard Font Alignment Number Styles Cells НX148 HZ HT HU HV HW НХ HY A IB IC ID IE IF IG 148 149 150 151 РMT 282.39 152 YEARS 3.5 153 11% RATE 154 NO OF MONTHS 42 0.9166667% 155 MONTHLY RATE 156 9807.30 PV(HX155,HX154,-HX151)] 157 a AMOUNT FINANCED = PV 158 TOTAL AMOUNT PAID =| 159 b 11860.38 [282.39 X 42] 160 LESS AMOUNT FINANCED = 9807.30 161 INTEREST COST = 2053.08 162 163 164 165 166 167 168 profit margin loan with points EXPO s2 s3 STATE s7 $8 S4 CAP STRU VALUE LOCK BOX DILUTION DOLLAR COST AVG NPER APR CPI s6 ear FVA pva Rea erences 120% WA 09:57 ENG 21-11-2019