Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup.(Use Table 14.1) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent. Purchase price of a used car Down payment 1,333 5,893 $ Number of monthly payments 48 Amount financed Total of monthly payments 5,949.76 Total finance charge APR

Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup.(Use Table 14.1) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent. Purchase price of a used car Down payment 1,333 5,893 $ Number of monthly payments 48 Amount financed Total of monthly payments 5,949.76 Total finance charge APR

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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The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $153.98, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $38.34 average daily balance $ finance charge $
In problems 3 through 8, complete the table one entry at a time by filling in the amount that goes where the red star is. Use the unpaid balance method to calculate interest. Assume an 18% annual interest rate. Unpaid Balance at Beginning of Month Unpaid Balance Purchases Purchases Payments at End of Month Finance Month Charge June $350.10 $ 25.00 $36.75 $ 75.00 July $150.40 $ 0 $200.00 August $208.75 $55.40 $150.00
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup (Use Table 14.1.) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent. Purchase price of a used car $ Down payment 1,273 5,773 $ Number of monthly payments 48 Amount financed Total of monthly payments $ 5,829.76 Total finance charge APR
LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
Enter your dollar answers rounded to the nearest two cents and precede numbers that are less than zero (0) with a minus sign (–).) Buy On Time or Pay Cash Cost of Borrowing 1. Terms of the loan a. Amount of the loan $10,000.00 b. Length of the loan (in years) 5 c. Monthly payment $188.70 2. Total loan payments made ($ per month months) $ 3. Less: Principal amount of the loan $ 4. Total interest paid over life of loan $ 5. Tax considerations: – Is this a home equity loan? no – Do you itemize deductions on your federal tax return? yes 6. What federal tax bracket are you in? 35% 7. Taxes saved due to interest deductions ($ x %) $ 8. Total after-tax interest cost on the loan $ Cost of Paying Cash 9. Annual interest earned on savings (6% x ) $ 10. Annual after-tax interest earnings ($ x %) $ 11. Total after-tax interest earnings…
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The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $152.72, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $35.43 average daily balance $ finance charge $
Complete the table for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Number Amount Paid Interest Paid Principal Repaid Outstanding Principal Balance 30 31 32 $0 Total Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.) Interest Paid = S (Do not round until the final answer. Then round to the nearest cent as needed.)
In cell E7, add a formula that calculates the monthly payment amount assuming that the payment is due at the beginning of the month. Subtract the “Downpayment” amount from the principle. (Use the PMT Function as Formula in Excel)
Prisha received an invoice for $5,000 that had payment terms of 3/5 n/30. She made a partial payment of $2,000 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made.
Following the calculation for years 1 and 2, what would be the payment adjustments and loan balances for years 3 to 5? Replicate the numbers in the table.
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