Homework Answers
Cost of the product = $66,900
Down payment = $50,000
Therefore, loan amount = Cost of the product - Down payment
= $66,900 - $50,000 = $16,900
Equal amount of Monthly payment = $448
Number of payments = 72 month
Therefore total of monthly payments = $448 * 72 = $32,256
Total finance charges = total of monthly payments - loan amount
=$32,256 - $16,900 = $15,356
Financial charges in percentage can be calculated in following manner by using Present value (PV) of an Annuity formula
A = R * [1-(1+r) ^-n)]/r
Where,
A is Present value or amount of loan = $16,900
R = Equal Monthly payment = $448
n = N = number of payments = 72 month
r = I/Y = monthly interest rate =?
Therefore,
$16,900 = $448* [1- (1+r) ^-72]/r
r = 2.02%
Monthly interest rate (financial charges) is 2.02% on the loan
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