Barry bought a new television set for $425. He paid nothing down but agreed to payments of $37.28 per month for 12 months. Find the finance charge and the annual percentage rate for the loan using the APR table. Click the icon to view the annual percentage rate table. The finance charge is $ The annual percentage rate is %. APR Table Number of Monthly (APR) Payments (n) 6 12 18 Annual Percentage Rate (APR) for Monthly Payment Loans Annual Percentage Rate 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% (Finance charge per $100 of amount financed) (h) $2.35 $2.49 $2.64 $2.79 $2.94 $3.08 $3.23 $3.38 $3.53 $3.68 $3.83 $3.97 $4.12 4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62 6.90 7.18 7.46 7.74 6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77 10.19 10.61 11.03 11.45 - X
Barry bought a new television set for $425. He paid nothing down but agreed to payments of $37.28 per month for 12 months. Find the finance charge and the annual percentage rate for the loan using the APR table. Click the icon to view the annual percentage rate table. The finance charge is $ The annual percentage rate is %. APR Table Number of Monthly (APR) Payments (n) 6 12 18 Annual Percentage Rate (APR) for Monthly Payment Loans Annual Percentage Rate 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% (Finance charge per $100 of amount financed) (h) $2.35 $2.49 $2.64 $2.79 $2.94 $3.08 $3.23 $3.38 $3.53 $3.68 $3.83 $3.97 $4.12 4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62 6.90 7.18 7.46 7.74 6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77 10.19 10.61 11.03 11.45 - X
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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Finance
Transcribed Image Text:Barry bought a new television set for $425. He paid nothing down but agreed to payments of $37.28 per month for 12 months. Find the finance charge and the annual percentage rate for the loan
using the APR table.
Click the icon to view the annual percentage rate table.
The finance charge is $.
The annual percentage rate is %.
APR Table
Number
of
Monthly
Payments
(n)
6
12
18
24
30
36
48
60
Annual Percentage Rate (APR) for Monthly Payment Loans
Annual Percentage Rate
(APR)
8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0%
(Finance charge per $100 of amount financed)
(h)
$2.35 $2.49 $2.64 $2.79 $2.94 $3.08 $3.23 $3.38 $3.53 $3.68 $3.83 $3.97 $4.12
4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62 6.90 7.18 7.46 7.74
6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77 10.19 10.61 11.03 11.45
8.55 9.09 9.64 10.19 10.75 11.30 11.86 12.42 12.98 13.54 14.10 14.66 15.23
10.66 11.35 12.04 12.74 13.43 14.13 14.83 15.54 16.24 16.95 17.66 18.38 19.10
12.81 13.64 14.48 15.32 16.16 17.01 17.86 18.71 19.57 20.43 21.30 22.17 23.04
17.18 18.31 19.45 20.59 21.74 22.90 24.06 25.23 26.40 27.58 28.77
21.66 23.10 24.55 26.01 27.48 28.96 30.45 31.96 33.47 34.99 36.52
29.97 31.17
38.06 39.61
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