5 Jack Fitzgerald wishes to purchase a usedcar that has a cash price of $11,000. Theinstallment terms include a down paymentof $4,000 and 36 monthly payments of$225.a) What finance charge will Jack pay?b) What is the APR to the nearesthalf percent?The finance charge is $Annual Percentage Rate Table forMonthly Payment Plans.(Finance charge per $100 ofamount financed)Number 7.50% 8.00% 8.50% 9.00%ofPayments364811.98 12.81 13.64 14.4816.06 17.18 18.31 19.45

Finance charges are amounts paid above the loan amount and are paid as interest on the loan based on…

Answered: a us car that has a cash price of…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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Jack Fitzgerald wishes to purchase a used car that has a cash price of $13,000. The installment terms include a down payment of $4,000 and 48 monthly payments of $222. a) What finance charge will Jack pay? b) What is the APR to the nearest half percent? Annual Percentage Rate Table for Monthly Payment Plans. (Finance charge per $100 of amount financed) Number 7.50% 8.00% 8.50 % 9.00% 9.50% of Payments 36 48 11.98 12.81 13.64 14.48 15.32 16.06 17.18 18.31 19.45 20.59
You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an annual interest rate of 2.56%, compounded monthly, and require you to make 36 monthly payments of $1,495.75 each. What is the cash price (in dollars) of your RV? (Round your answer to the nearest dollar.) $ 659855 X
Subject: finance
You purchase an RV by making a down payment of $10,700. The terms of your finance agreement have an annual interest rate of 2.66%, compounded monthly, and require you to make 36 monthly payments of $1,493.75 each. What is the cash price (in dollars) of your RV? (Round your answer to the nearest dollar.)
You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an annual interest rate of 2.56%, compounded monthly, and require you to make 36 monthly payments of $1,495.75 each. What is the cash price (in dollars) of your RV?
Jon will pay back a loan of $10,000 according to a graduated payment plan. The first payment is set at $1,500. At a borrowing rate of 10%, what would the remaining payment look like over five years? (A) $682,76 (B) $659,77 (C) $628.67 (D) $601.23 Answer correctly ASAP.
Wade Ellis buys a new car for $16,882.14. He puts 10% down and obtains a simple interest amortized loan for the rest at the nearest cent.) (a) Find his monthly payment. X (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Total Payment 0 1 2 LA पण Interest Portion पण A X X पण $ LA Balance 111% interest for four years. (Round your answers to
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a home is $230,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year foxed-rate mortgage at 6.5%. Complete parts (a) through (e) below. a. Find the required down payment. $ 46,000 b. Find the amount of the mortgage.
Find the attached file.
please answer with correct calculations and explanations. QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed. Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).
Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 4.8% PA [¹-(1+] Use PMT= -nt7 to complete parts (a) through (c) below. a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.)
You make a down payment of $1,500 to purchase a used car worth $5,500.00 cash price and finance the balance by making payments of $145.00 every month for 30 months. What nominal rate of interest, compounded monthly, is charged? O A) 7.07% B) 6.60% O C) 5.50% D) 6.80%

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