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)
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
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
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