Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) *****Tables attached****** Purchase price of used car=$4,195 Down Payment=95 Number of monthly payments=60 Amount Financed=(need answered) Total of monthly payments=5,944 Total Finance Charge=(need answered) APR=(need answered)
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).) *****Tables attached****** Purchase price of used car=$4,195 Down Payment=95 Number of monthly payments=60 Amount Financed=(need answered) Total of monthly payments=5,944 Total Finance Charge=(need answered) APR=(need answered)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b).)
*****Tables attached******
Purchase price of used car=$4,195
Down Payment=95
Number of monthly payments=60
Amount Financed=(need answered)
Total of monthly payments=5,944
Total Finance Charge=(need answered)
APR=(need answered)
Transcribed Image Text:NUMBER
OF
PAYM EN TS
ANNUAL PERCENTAGE RATE
2.00%
2.25%
2. 50%
2.75 3.00%
3.251 3.50%
3.75%
4.00t
4.257
4.50%
4.757
5.00
5.25%
5.50%
5.75T
(FINANCE CHARGE PER $100 OF AMOUNT FINANCEDI
0.23
0.34
0. 46
0.57
0.15
0.51
0.71
0.27
0.41
0.29
0.31
0.47
0.33
0.44
0.17
0.25
0.33
0.19
0. 28
0.38
0.47
0. 56
0.21
0.31
0.42
0.4A
0.77
0. 96
0.25
0.39
0.37
J.56
0.75
0.40
0.59
0.42
0.63
0.81
0.4h
0.69
0.92
0.44
0.50
0.58
0,73
0.88
0.67
0.A3
1.00
0. A8
1.10
1.32
0.50
0.54
0.63
0.79
0.68
0.81
0.78
0.94
0. 20
1.07
4.24
1.13
0.42
0.52
0.63
0.99
1.04
1.15
1.20
0.50
0.63
0.69
0.15
1.19
1.25
1.39
1.44
0.95
0.58
0.67
0.75
0. 66
0. 75
0. 85
0.94
0.73
0.80
0. 92
1.03
0. A8
1.02
1.10
1.17
1.24
1.47
1.60
1.78
1.12
1.39
1.46
1.54
1.61
1.93
2.17
1.00
1.09
1.17
1.25
1.14
1.51
1.67
1.84
1.51
1.59
1.79
1.99
1.67
1.76
1.98
2.20
7.42
1.44
2.07
2.31
2.54
0.84
0.94
1.13
1.22
1.32
1.69
1.8A
1.41
1.57
1.73
0.84
1.04
1.15
1.25
1.36
1.46
2.09
2.41
10
0.92
1.03
1.15
1.26
1.38
1.50
1.61
1.96
2.07
2.19
2.31
2.65
1.13
1.22
1.25
1.36
1. 38
2.77
11
12
1.00
1.09
1.17
1.51
1.63
1.76
1.88
2.04
2.20
2.36
2.01
2.18
2.14
2.26
2.39
2.52
2.44
2.90
1.50
1.63
1.77
1.91
2.32
2.45
2.50
2.73
2.87
3.09
3.31
1.54
1.00
1.24
3,47
3.71
3.14
1.61
1.73
2.54
2.84
3.03
1. 39
3.63
1. A8
13
1.32
1.46
1.76
1.91
2.05
2.35
2.50
2.77
2.94
3.15
3.37
1.25
1.41
1.57
1.89
2.04
2.20
2.52
2.6A
2.99
1.34
1.51
1.67
1.84
2.01
2.18
2.35
2.52
2.69
2.96
3.20
1.42
1.51
1.04
3.27
1.60
1. 70
1.79
1. 89
1.98
1.78
1.89
1.99
2.10
2.20
2.32
2.46
2.59
2.50
2.65
2.79
2.94
3.09
2.68
2.84
2.99
3.15
2.86
3.03
3.20
1.22
3.41
3,60
3.79
3.98
3.40
3.58
3.79
3.75
1,94
4.12
16
17
18
19
20
1.96
2.08
2.19
2.31
2.42
2.14
2.26
2.39
3. 60
3.9A
4.18
4.37
4.61
3. 80
4.21
4.41
1.59
1.67
1.76
3.40
4.00
1. SR
3.76
4. A6
5.11
2.52
2.73
3.37
4.01
4.22
4.43
4.65
2.65
2.87
3.31
3.54
4.21
4.43
4.66
4. RA
2.77
2.90
3.03
3.15
3.01
3.14
3.28
3.11
3.88
4.05
1.94
4.12
4.31
4.41
4.62
4.82
5.02
4.65
4.86
5. 08
4.P9
5.11
5.33
5.35
5. 50
5.A5
6. 10
6.15
5.12
21
22
1.84
1.93
2.08
2.31
2.54
3.24
3.39
3.54
3.69
3.47
3.63
3. 79
3.95
4.1A
4.37
4.5€
4.75
2. 66
2.77
2.17
5.34
2.41
2.52
2.62
2.73
23
2.01
2.27
5.59
2. 36
2. 46
2.10
2.89
3.42
4.22
4.49
5.29
5.56
5.83
25
2.18
3. 01
5. 79
3.28
3.56
3.84
4.11
4.39
4.67
4.95
5.23
5.51
6.07
3. 70
3.84
3.97
4.11
6. 60
6.85
7.10
7. 35
6. CI
6.24
2. 55
3.12
3.24
3.36
3.47
3.41
3.54
3.67
3.79
4.27
4.56
4.45
5.14
5.34
5.53
5.43
26
27
28
29
5.72
5.94
6.15
6.31
6. 54
2.27
2.84
3.99
4.13
4.43
4.59
4.76
4.92
2.35
2.65
4.73
5.03
5.64
2.74
2.84
2.93
2.94
3.05
3.16
4.28
4.43
4.58
5. 44
6.05
4.91
5.22
6.47
6.78
2.43
2.52
2.60
5.08
5.40
5.12
6.37
6. 70
6.92
7.02
3.26
3.59
3.92
4.25
5.25
5.58
5.97
6.25
6.59
7.26
7.60
3. 71
3. 83
3.94
4. 06
4.18
4.39
4.53
4.67
4.81
4.95
7. 50
7. 74
7.98
5.77
5.95
7.85
8.10
P. 35
31
2.69
2.11
3.03
3.12
3.37
3.47
3.58
3.69
3.79
4.05
4.73
5.08
5.42
5.59
5.77
5.94
6.11
6.11
6.31
6.50
6.10
6.89
6.46
6.FI
7.02
7.24
7.46
7, AA
1.15
1. 18
7.61
7. R4
8.07
5.24
6.66
6.87
1.08
1.28
4.18
4.88
3. 22
3. 32
3.41
5.40
5.56
5,72
33
6.13
6.32
2.86
4.31
5.04
2.94
5.19
5.34
4.44
R.h1
35
3.03
4.56
6.50
A.46
8. AA
6.69
6.87
7.06
7.24
1,43
4.30
4.41
e.71
8. 95
9.19
9.43
9.67
36
3.11
3.51
3.90
4.69
5.09
5.23
5.37
5.51
5.49
5.89
6.29
6.46
6.63
7.09
7.49
7,90
8.11
8.33
9. 10
9.11
5.64
5.79
1. 70
37
3.20
3.60
4.01
4.82
6.05
1.28
7.48
7,68
7.87
8.53
9.37
3.28
3.37
3. 10
3. 79
3. 89
4.11
4.22
4.33
4.53
4.65
9. 62
9.87
38
4.95
6.21
1.91
R. 16
5.08
5.94
6.37
6.81
8.11
A.55
8.99
40
3.45
4. 17
5.21
5. 65
6.09
6.54
6.98
8.32
8.77
9.22
10.13
3.99
4. 08
4.18
4.28
4.37
3.54
3.62
4.44
4.54
7.16
9.07
10. 38
4.89
5.34
5.79
5.93
6.07
6.21
6.35
6.24
6.40
6.70
6. 86
1.03
7.19
7.35
7.61
A.51
8.99
9.45
9.92
5. 00
5.12
5.24
5.36
7.80
1,98
42
5.47
5.60
5.73
5.86
1.33
7.50
7.68
7.85
9.27
8.74
A.95
9.16
9.37
9.21
9.69
9.92
9.65 10.15
10.38
10.16
10.64
6.55
6.70
A.47
10.41
10.89
3.11
3.79
3.88
4.65
9.43
A.17
8. 36
4.76
10.65 11.15
10.49
A.6t
4.86
6.85
8.86
4. AB
I1.41
11.14 11. h6
11.19 11.92
11.63 12.18
12.44
12.70
5. 98
6.11
6.49
6.63
6.03
3.97
4.05
4.14
9.06
9.26
9.46 10.00 10.54
9.66
9.85
4.47
4.97
5.48
5.60
7.00
1.52
A.54
9.5A 10.10
10.62
9.79 10.3? 10. 85
4. 56
4. 66
4. 76
7.16
7.31
7.46
7.61
7.68
5.08
5.19
5.30
5.40
8.20
5. 12
5.03
5.95
6.78
6.92
1.06
8.73
A, 92
9. 10
9.29
6.24
7.84
8.01
8.17
8.38
10.21 10.76
10.42 10.99
11.09
11.32
11.55
4.22
6.37
8.56
4.31
4.85
6. 50
A.73
12.12
4.39
4.48
5.51
5.62
11.79 12.37 12.95
12.62
6.07
7.20
7.77
7.92
4.95
8.34
8.91
10.05 10.63
11.21
6.64
6.77
6.90
7.03
7.16
9.4R
5.05
6.19
7.34
8.50
9.08
9.26
10.84 11.43 12. 02
9.67
10.25
13.21
5. 14
5.24
5.34
9. 86
10.04
10.23
6. 31
53
54
55
1.48
1.63
13.47
13. 73
10.95 11.48 12.10 12.73 13.36 13.99
4.56
5.13
5.83
5.94
8.07
8.23
8.38
8.67
8.83
9.00
10.45 11.05 11.66 12.26
12.86
6.43
6.55
4.65
9.44
10.65 11.26 11.88 12.49 13.11
4.74
7.77
9,61
6.05
6.16
9. 16
9.33
9,49
9.66
9.82
4.82
6.67
6. 79
6. 91
1.03
7.15
7.29
7.42
7.55
7.68
7.81
7.91
8.05
8.19
8.34
8.48
8.53
8.69
5,44
5. 53
5. 63
5.13
5. 82
9.79
9,97
10.14
10.32
10.50
10.42
10.61
10.80
10.99
11. 1A
11.05 11.69
11.25 11.90
11.46 12.11
11.66
I1.86
12.33 12.97
12.55 13.2o
12.78 13.44
13.00
14. 25
13.86 14.52
14.78
13.61
4.91
58
59
6.27
6.36
6.48
14.11
14. 36
14.61
4.99
5.08
5.17
8.84
9.00
9.15
12.33
12.54
13.68
13.92
15.04
15.30
60
13.23
Transcribed Image Text:TABLE
14.1
(concluded)
ANNU AL PERCENT AGE RATE
NUM BER
OF
PAYMENTS 14.00% 14.25% 14.50% 14.75% 15.00% 15.25% 15.50% 15.75% L6.00% 16.25 16.50% 16.751 17.00% 17.25% 17.501 17.758
(FINANCE CHARGE PER $100 OF AMOUNT FINANCEDI
1.17
1.19
1.75 1,78
1.40 1.42
1.44
2.16
1.46
2.19
2.93
3.67
4.42
1.48
2.22
2.97
3. 73
4.48
1.21
1.82
1.25
1.88
1.33
2.00
2.68
3.36
1.35
2.04
2.72
3.41
1.37
2.07
2.16
3.46
1.23
1.85
1.27 1.29
1.94
2.59
3.25
3.91
1.31
1.97
2.64
3, 30
1.91
2.10
2.13
2.34
2.38
2.43
2.47
2.80
2.A5
2. A9
2.51
3.14
3.78
2.55
2.93
3.51
3.57
3.62
2.99
3.59
3.04
3.09
3.72
3.20
3.84
5
3.53
3.65
3.97
4.04
4.10
4.16
4.21
4.29
4.35
5.09
4.12
5.40
4.79
5.49
4.87
5.58
4.94
5.02
5.17
5.24
6.00
6.77
7.54
R. 31
4.57
4.64
4.12
4.72
4.20
4.27
4.89
4.35
4.98
4.42
5.06
5.71
6.35
7.00
4.49
5.15
5.80
5.66
6.38
7.11
7.84
4. 81
5.23
5.32
5.75
5.83
5.92
6.19
6.89
7.40
6.58
7.32
6.67
7.43
8.19
6.29
6.48
7.22
5.51
5.61
6. 25
6. 88
5.90
6.00
5.32
5.92
6.53
5.42
6.03
6.09
6.78
7.48
6.46
7.00
6.57
7.24
6.68
6.14
6.77
7. 36
10
6.65
7.12
7.12
1.96
8.08
9.09
9.87
10.66
11.45
7. 53
8.31
9.02
8.44
9.16
8. 96
8.57
9. 30
10.04
10.78 10.95 11.11
8.70
9.45
11
8.05
8.18
8.83
7.14
7.74
8.36
8.97
7.27
1.89
7.40
7.66
8.31
1.19
8.45
9.12
1.92
9.59
8.17
8. 81
9. 46
9.73
10.50
11.28
8.59
8.74
8.88
9.58
12
13
14
15
8.03
8.66
9.30
9.27 9.43
9.79 9.96 10.12 10.79
9.71
10.45 10.5?
9.89
10.20 10.35
8.51
9.13
9.76
8.97
9.63
9.59
9.94 10.11 10.29 10.47 10.64 10.A2 11.00 11.17 11.35 11.33 11.71 1l.08 12.06
10.95 11.14 11.33 11.52 11.71 11.90
12.09
12.43 13.03
13.57 13.99 14.21
12.28
16
17
10.20 10.39 10.58 10.77
10.82 11.02
11.45 11.66
12.46 12.65 12.84
13.23
13.03
13.83
14.64
11.22
12.42
12.67
13.14 13.35
13.43 13.63
11.42 11.62 11.82 12.02 12.22
12.08 12.29
12.74
18
11.87
12.50 12.72 12.93
13.78
14.42
12.97 13.19 13.41
12.70 12.93 13.17 13.41 13.64 13.8A 14.11 14.35 14.59 14.A2
14.31 14.54 14.76 14.99 15.22
15.06 15. 30 15.54 15.77 16.01
19
12.07 12.30
12.52
13.64
13.96 14.09
15.44
20
16.25
13.33 13.58 13.82 14.07
14.32 14.57 14.82 15.06
15.31 15.56
15.A1 16.06 16.31 16.56 16.81
17.07
21
22
23
24
25
15.00 15.26 15.5? 15.78
15.68
16.37
16.83
17.32 17.60 17.84 18.15
17. 88
18.70
19.53
19.45 19. 75 20.05 20. 36
16.04
16.78
16.30
17.05
16.57
17.09 17.36 17.62
IA.43
13.96 14.22 14.48 14. 74
15.14
15.80
15.87 16.17 16.46 16. 76 17.06
16.50
16.94 17.22
17.95
16.23
14.59 14.87
15.23 15.51
15.41
16.08
15.96
16.65
17.35 17.65
17.51 17. A0 LA.09 1H.37 1A.66 18.95 19.24
1H. 37
1A. 66
18.25 1A.55
18.85 19.15
20.24 20.56 20.87 21.19
21.69
21.84 27.1A 22.52 22.86
23.35
26
27
16.51 16.82 17.13 17.44 18.06
17.15 17.47 17.80 18.12
17.80 18.13 18.47
18.45 18.79
1A.6A
19.41
18.80 19.14 19.47 19.A1 20.15
20. A9
17.75
16.17
18.76 19.09
18.99 19.30
20.0A
20.A2
21.58
19.62 19.93
20.19 20.7I
18.44
21.04 21.37
22.02
19.74
20.48
21.16 21.50
21.14
22.29
21.99 27.35 22.72 ?3.0A 23.45 23. A1
28
29
19.14
19.49
19. A3 20.18
20.53
21.23
27.64 22.99
23.70
30
19.10 19.45 19.81 20.17 20.54 20.90 21.26 21.62
24.1A 24.55
19.75
20.40 20.79 21.17 21.56 21.95
22.37
23.11
22.74 23.12
23.50
23.49
23.50 23.9A 24.25
24.28 24.6A
25.02 25,40
25. A6 26.25
24.64
25.46
25:88 26.29
26.70 27.1?
27. 96
31
32
20.12 20.49 20.87 21.24 21.61
21.99
22.33 22.72
25.07
21.85 22.25
22.54
22.80 23.23 23.65
22.65 23.06
23.46
23.86
33
34
35
21.06 21.46
21.72 22. I3
22.38
24.26
25.03
24.67
25.44
26.23
25.07
25.46
25.49
26. 24
26.70
27.11
27.54
27.97
24.39 28.83
22.95 23.37 23.78
24.19
24.61
24.08 24.51 24.94 25. 36
25.79
26.66 27.09
27.52
27.46 27.90 28.35 2A.R0 29.25 29.70
30.57
23.92 24.35 24.80 25.24 25.6A 26.12 26.57
25.97
26.24 26.7O 27.17
26.96 27.44
25.71 26.20 26.70 27.19 27.69 28.18 28.68 29.18 29,68 30. 18
36
27.01
23.04 23.48
23.70 24.16
24.61
25.06
25.51
26.42
2A, 7?
26.8A
27.34
27.64
28.11
28.41 28.R9
27.80
28.59
29.38
28.26
29.64
30.49
30.85 31.34
29.18
37
38
39
40
10.10
30.96
31. A3
29.06 29.53 30.01
31.44
32.32
30.69 32.60 33.20
24.37 24.84
25.30 25.77
25.04 25.52
26.00 26.48
27.92
29.37
30. 36
31.19 31.6A 32.19
30.46
31.25
29.44
31.49
29.95
30.72
30.97
31.78
32.58
32.01
32.52
33.17
33.04
13.55
41
42
26.39 26.89 27.40 27. 91 28.41 28.92
28.10 28. 62
27.74 28.27 28.81 29.34 29. 88
34.08
34.97
35.86
27.06
27.58
29.15
32.31 32. A4
33. 90
29.67
30.42
30.19
30.96
34.44
35.31
43
31.50
32.04
33.13
33.67
34.22
34. 76
33.39
34.20
35.07 35.63
35. 92
30.62 31.17
31.72
31.92 32.49
32.28
32.83
28.42
29.11
33.95
34.77
34.51
35. 35
36.19
37.08
28.97
29.52 30.07
36.76
37.66
44
45
29.67
30.23
30. 79
31.36
33.06
33.63
36.50
32.10 32.68 33.26
32.84
33.59
33.84
34.43
35.01
35.23 35.83
35.60 36.139 36.78
37. 37
37.96
3A. A6
39. 75
40.65
46
29.79
30. 36
30.94 31.52
38.56
31.66 32.25
32.37
32.98
33.44 34.03
34.63
36.43
37.04 37.64
39.46
40.37
47
30.48 31.07
31.77
32.48 33.09
3A.25
39.13
34.20
35.42
34.81
35.59 36.21
36.65
36.84 37. 47
37.65
36.03
37.27
37. 8A 38.5o
3A. 74 39.37 40.01
40.24
48
31.17
31.86
33.71
39.10
34. 34
35.09 35. 73 36.37
34.96
49
50
41.29
42.20
32.55
33.18
33.82 34. 45
37.01
38.30
3A.94
39.59
40.89 41.55
33. 89
36.49 37.15
37.94
38.72
41.7A 42.45
43.36
43.57 44.27
37. A1
38.46
39.12
34.54
35.27
36.00
36.73
39.79 40.45 41.11
41.31
42.17
43.04
35. 19 35.84
51
52
53
54
33.25
33.95
34.65
35.35
34.61
35. 32
36. 04
35.93
36. 68
37.42
36.60 37.27
37.36
38.04
38.82
38.12
39.28
40.10 40.79
40.92 41.63
41.99 42.67
42.97
43.75
43.12
44.04
44.97
45.90
38.61
39.41
39.96
40.63
41.48
39.52
40.22
42.33
44.47
45.18
55
36.05
36.76
37.46
ЗА. 17
38.88 39.60
40.31
41.03
41.74
42.47
43.19
43.91
44.64
45.37 46.10
46.83
45.53
46.42
46.54 47.32 48.09
48.21
38.20 38.92
42.57
43.40
44.23
43.51 44.29 45.07
45.11 45.91
41.84
42.65
43.47
43.31
44.05
44.79
45.66
56
47.02
47.77
36.76
37.47
38.18 38.93 39.68 40. 43
37.48
39.65
40.42
41.19 41.95 42.71
40.38 41.11
41.16
41.91
46.27
47.18
38.20
38.94 39. 68
44.15
44.41
45.77
57
47.94
4P.71
58
45.00
48.47
49.65
45.85
46.64
47.51 48.31
39. 66
41.19
41.96
42.74
47.42
49.01
49.92
49.80
50.60
59
60
38.89
40.42
39.61 40.39
41.17 41.95
42.74 43.53 44.32
46.71
49.12
50.73
51.55
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you