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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text: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
5,773
Down payment
$
1,273
Number of monthly
payments
48
Amount
financed
Total of monthly
payments
5,829.76
Total finance
charge
APR
Transcribed Image Text:TABLE 14.1
NUMBER
OF
PAYMENTS 10.00% 10.251% 10.50% 10.75% 11.00% 11.25% 11.50% 11.75%
(FINANCE CHARGE PER $100 OF AMOUNT FINANCED)
0.94
0.96
0.98
1.41
1.44
1.47
1.88
1.92
1.96
2.35
2.41
2.46
2.83
2.89
2.96
3.31
3.39
3.45
3.78
3.87
3.95
4.26
4.36
4.46
4.75
4.85
4.96
5.23
5.35
5.46
5.71
5.84
5.97
6.20
6.34
6.48
6.68
6.84
6.99
7.17
7.34
7.50
7.66
7.84
8.01
8.15
8.34
8.53
8.65
8.84
9.04
9.14
9.35
9.56
9.64
9.86
10.08
10.13
10.37
10.60
10.63
10.88
11.12
11.13
11.39
11.64
11.63
11.90
12.17
12.14
12.42
12.70
12.64
12.93
13.22
13.15
13.45
13.75
13.66
13.97
14.29
14.16
14.49
14.87
14.67
15.01
15.35
15.19
15.54
15.89
15.10
16.06
16.43
16.21
16.59
16.97
16.73
17.12
17.51
17.25
17.65
18.05
17.77
18.18
18.60
18.29
18.71
19.14
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
0.83
1.25
1.67
2.09
2.51
2.94
3.36
3.79
4.21
4.64
5.07
5.50
5.93
6.36
6.80
7.23
7.67
8.10
8.54
8.98
9.42
9.86
10.30
10.75
11.19
11.64
12.09
12.53
12.98
13.43
13.89
14.34
14.79
15.25
15.70
16.16
0.85
1.28
1.71
2.14
2.58
3.01
3.45
3.88
4.32
4.76
5.20
5.64
6.08
6.52
6.97
7.41
7.86
8.31
8.76
9.21
9.66
10.12
10.57
11.02
11.48
11.94
12.40
12.86
13.32
13.78
14.25
14.71
15.18
15.65
16.11
16.58
0.87
1.31
1.76
2.20
2.64
3.08
3.53
3.98
4.43
4.88
5.33
5.78
6.23
6.69
7.14
7.60
8.06
8.52
8.98
9.44
9.90
10.37
10.84
11.30
11.77
12.24
12.71
13.18
13.66
14.13
14.61
15.09
15.57
16.05
16.53
17.01
0.90
1.35
1.80
2.25
2.70
3.16
3.62
4.07
4.53
4.99
5.45
5.92
6.38
6.85
7.32
7.78
8.25
8.73
9.20
9.67
10.15
10.62
11.10
11.58
12.06
12.54
13.03
13.51
14.00
14.48
14.97
15.46
15.95
16.44
16.94
17.43
ANNUAL PERCENTAGE RATE
0.92
1.38
1.84
2.30
2.77
3.23
3.70
4.17
4.64
5.11
5.58
6.06
6.53
7.01
7.49
7.97
8.45
8.93
9.42
9.90
10.39
10.88
11.37
11.86
12.35
12.85
13.34
13.84
14.33
14.83
15.33
15.84
16.34
16.85
17.35
17.86
12.00% 12.25% 12.50% 12.75%
1.00
1.50
2.01
2.51
3.02
3.53
4.04
4.55
5.07
5.58
6.10
6.62
7.14
7.66
8.19
8.71
9.24
9.77
10.30
10.83
11.36
11.90
12.44
12.98
13.52
14.06
14.60
15.15
15.70
16.24
16.79
17.35
17.90
18.46
19.01
19.57
1.02
1.53
2.05
2.57
3.08
3.60
4.12
4.65
5.17
5.70
6.23
6.76
7.29
7.82
8.36
8.90
9.44
9.98
10.52
11.06
11.61
12.16
12.71
13.26
13.81
14.36
14.92
15.48
16.04
16.60
17.16
17.73
18.29
18.86
19.43
20.00
1.04
1.57
2.09
2.62
3.15
3.68
4.21
4.74
5.28
5.82
6.36
6.90
7.44
7.99
8.53
9.08
9.63
10.19
10.74
11.30
11.85
12.41
12.97
13.54
14.10
14.67
15.24
15.81
16.38
16.95
17.53
18.11
18.65
19.27
19.85
20.43
1.06
1.60
2.13
2.67
3.21
3.75
4.29
4.84
5.39
5.94
6.49
7.04
7.59
8.15
8.11
9.27
9.83
10.40
10.96
11.53
12.10
12.67
13.24
13.82
14.40
14.97
15.56
16.14
16.72
17.31
17.90
18.49
19.08
19.67
20.27
20.87
13.00%
1.08
1.63
2.17
2.72
3.27
3.83
4.38
4.94
5.49
6.05
6.62
7.18
7.75
8.31
8.88
9.46
10.03
10.61
11.18
11.76
12.34
12.93
13.51
14.10
14.69
15.28
15.87
16.47
17.07
17.66
18.27
18.87
19.47
20.08
20.69
21.30
13.25%
1.10
1.66
2.22
2.78
3.34
3.90
4.47
5.03
5.60
6.17
6.15
7.32
1.90
8.48
9.06
9.64
10.23
10.82
11.41
12.00
12.59
13.19
13.78
14.38
14.98
15.59
16.19
16.80
17.41
18.02
18.63
19.25
19.87
20.49
21.11
21.73
13.50
1.12
1.69
2.26
2.83
3.40
3.97
4.55
5.13
5.71
6.29
6.88
7.46
8.05
8.64
9.23
9.83
10.43
11.03
11.63
12.23
12.84
13.44
14.05
14.66
15.28
15.89
16.51
17.13
17.75
18.38
19.00
19.63
20.26
20.90
21.53
72.17
13.75%
1.15
1.72
2.30
2.88
3.46
4.05
4.64
5.22
5.82
6.41
7.01
7.60
8.20
8.81
9.41
10.02
10.63
11.24
11.85
12.46
13.08
13.10
14.32
14.95
15.57
16.20
16.83
17.46
18.10
18.74
19.38
20.02
20.66
21.31
21.95
22.60
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