Question

U Cash Down Amount Number of Amount of Finance APR Price Payment Financed Payments Payment Charge $6000 $3000 $3000 12 $260 $ % (Finance charge per $100 of amount financed) Number of payments 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 12 3.00 3.28 3.56 3.83 4.11 4.39 4.66 18 4.41 4.82 5.22 5.63 6.04 6.45 6.86 48 11.63 12.73 13.83 14.94 16.06 17.18 18.31 55 tu The finance charge is $ Use the APR table to find the APR. Gra Cha ете

Answer 1

Amount financed $ 3000 Number of payments = 12 Finance charge 12 $ (260 - 3000) $ 260-250) - $10 For fimamaneed amount $250, finance Charge $10 9. So, finance charge per $100 is & 10 x 100 = $4 $ 4.3 ore f payment = 12 Chorse per $100 250 Since number and finar anced amount financed is $4. 'APRE 7.51% 9 The financed Chorrge is $110 X8C use the APR table to find. APR 7.5%,