Homework Answers
Amount Financed =PV of car -Down Payment =5573-1173 =4400
Total Finance Charge =Total Monthly Payments =5629.76-4400
=1229.76
Monthly Payments =Total Monthly Payments/48 =5629.76/48
=117.29
Number of Periods =48
PV of Loans =5573
APR using excel formula =12*RATE(48,117.2867,-5573)=12.65%
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Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. (Do...
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula (Do...
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula (Do not round intermediate calculations. Round the "Finance charge to the nearest cent and "APR" to the nearest tenth percent.) Amount financed Purchase price of a used car Down payment Number of monthly payments 5,893 $ 1,333 Total finance charge APR Total of monthly payments 5,949.76
Calculate the amount financed, the finance charge, and the total deferred payment price for the following...
Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan. Round your answers to the nearest cent. Purchase (Cash) Down Payment Monthly Payment Number of Payments Finance Deferred Payment Price Finance Charge 53.100 154 $258.00
From this partial advertisement: Used Car $106.88 per month for 60 months Cash price $4,800 Down...
From this partial advertisement: Used Car $106.88 per month for 60 months Cash price $4,800 Down payment $50 a. Calculate the amount financed. Amount financed b. Calculate the finance charge. (Do not round Intermediate calculations. Round your answer to the nearest cent.) Finance change c. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) Deferred payment price d. Calculate the APR by formula. (Do not round intermediate calculations. Round your answer to...
From this partial advertisement: Used car $86.83 per month for 60 months Cash price $3,700 Down...
From this partial advertisement: Used car $86.83 per month for 60 months Cash price $3,700 Down payment $50 a. Calculate the amount financed. Answer is complete and correct. Amount financed $ 3,650 b. Calculate the finance charge. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete and correct. Finance change $1,559.80 c. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete and correct....
U Cash Down Amount Number of Amount of Finance APR Price Payment Financed Payments Payment Charge...
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...
From this partial advertisement: Used car $71.66 per month for 60 months Cash price $3,200 Down...
From this partial advertisement: Used car $71.66 per month for 60 months Cash price $3,200 Down payment $50 a. Calculate the amount financed. b. Calculate the finance charge. (Do not round intermediate calculations. Round your answer to the nearest cent.) c. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) d. Calculate the APR by formula. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) e. Calculate the...
From this partial advertisement: $84.38 per month for 60 months $3,800 used car cash price $50...
From this partial advertisement: $84.38 per month for 60 months $3,800 used car cash price $50 down payment a. Calculate the amount financed. Amount financed: $ b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge: $ c. Calculate the deferred payment price. (Round your answer to the nearest cent.) Deferred payment price: $ d. Calculate the APR by (Use Table 14.1 and Table 14.1(b)). (Round your answers to 2 decimal places.) APR: between % and % e....
zoom picture please From this partial advertisement: $104.63 per month for 60 months $4.700 used car...
zoom picture please
From this partial advertisement: $104.63 per month for 60 months $4.700 used car cash price $50 down payment a. Calculate the amount financed. Amount financed $ b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge $ c. Calculate the deferred payment price. (Round your answer to the nearest cent.) Deferred payment price $ d. Calculate the APR by (Use Table 14.1 and Table 14.1(b)). (Round your answers to 2 decimal places.) APR:...
1.Calculate the amount of interest that will be paid on a motorcycle loan of $9,000 with...
1.Calculate the amount of interest that will be paid on a motorcycle loan of $9,000 with a simple interest rate of 7% over the course of 5 years. 2.Calculate the amount of interest that will be paid on a house that costs $110,000 with a simple interest rate of 4% over 30 years. How much total will eventually be paid for the house? 3.A pontoon boat is being sold for $65,000. With an offer of 6% APR (simple interest)for 10...
Pat Radigan is planning to buy a Toyota hybrid for $18,969 with $2,300 down and plans...
Pat Radigan is planning to buy a Toyota hybrid for $18,969 with $2,300 down and plans to finance the car. Citizens' Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months. a. What would be his monthly payment to Citizens' Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.) & Answer is complete but not entirely correct. Monthly payment $ 456.43...
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula (Do not round intermediate calculations. Round the "Finance charge to the nearest cent and "APR" to the nearest tenth percent.) Amount financed Purchase price of a used car Down payment Number of monthly payments 5,893 $ 1,333 Total finance charge APR Total of monthly payments 5,949.76
Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan. Round your answers to the nearest cent. Purchase (Cash) Down Payment Monthly Payment Number of Payments Finance Deferred Payment Price Finance Charge 53.100 154 $258.00
From this partial advertisement: Used Car $106.88 per month for 60 months Cash price $4,800 Down payment $50 a. Calculate the amount financed. Amount financed b. Calculate the finance charge. (Do not round Intermediate calculations. Round your answer to the nearest cent.) Finance change c. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) Deferred payment price d. Calculate the APR by formula. (Do not round intermediate calculations. Round your answer to...
From this partial advertisement: Used car $86.83 per month for 60 months Cash price $3,700 Down payment $50 a. Calculate the amount financed. Answer is complete and correct. Amount financed $ 3,650 b. Calculate the finance charge. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete and correct. Finance change $1,559.80 c. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete and correct....
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...
zoom picture please
From this partial advertisement: $104.63 per month for 60 months $4.700 used car cash price $50 down payment a. Calculate the amount financed. Amount financed $ b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge $ c. Calculate the deferred payment price. (Round your answer to the nearest cent.) Deferred payment price $ d. Calculate the APR by (Use Table 14.1 and Table 14.1(b)). (Round your answers to 2 decimal places.) APR:...
Pat Radigan is planning to buy a Toyota hybrid for $18,969 with $2,300 down and plans to finance the car. Citizens' Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months. a. What would be his monthly payment to Citizens' Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.) & Answer is complete but not entirely correct. Monthly payment $ 456.43...
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