Anny had been cutting hair for years and decided she wanted to open up a salon of her own. In order to do so, she knew she would need 3 new chairs at $1575 each; 3 mirrors at $199 each; 3 tables at $425 each; and the list went on - hairdryers, sinks, a cash register, etc. By the time she was finished, Anny's supplies totaled $7788.25, including sales tax. The supplier offered in-house financing of 24 monthly payments at $332.44 per month, with a 10% down payment. a) Find the amount financed, installment price, and the finance charge, presuming Anny goes with the financing available from her supplier.
Anny had been cutting hair for years and decided she wanted to open up a salon of her own. In order to do so, she knew she would need 3 new chairs at $1575 each; 3 mirrors at $199 each; 3 tables at $425 each; and the list went on - hairdryers, sinks, a cash register, etc. By the time she was finished, Anny's supplies totaled $7788.25, including sales tax. The supplier offered in-house financing of 24 monthly payments at $332.44 per month, with a 10% down payment. a) Find the amount financed, installment price, and the finance charge, presuming Anny goes with the financing available from her supplier.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Anny had been cutting hair for years and decided she wanted to open up a salon of her own. In order to do so, she knew she would need 3 new chairs at $1575 each; 3 mirrors at $199 each; 3 tables at $425 each; and the list went on - hairdryers, sinks, a cash register, etc. By the time she was finished, Anny's supplies totaled $7788.25, including sales tax. The supplier offered in-house financing of 24 monthly payments at $332.44 per month, with a 10% down payment.
a) Find the amount financed, installment price, and the finance charge, presuming Anny goes with the financing available from her supplier.
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