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calculate the amount financed: $7,880 b. calculate the finance charge. (round your answer to the nearest cent.): $3,251.80 c. calculate the apr by table lookup. (use table 14.1(b).) (round your answers to 2 decimal places.): 14.50% to 14.75% d. calculate the monthly payment by formula. (round your answer to the nearest cent.): ?? Calculate the monthly payment by table lookup at 14.50% (Use table 14.2 round your answer to the nearest cent): ??

calculate the amount financed: $7,880 b. calculate the finance charge. (round your answer to the nearest cent.): $3,251.80 c. calculate the apr by table lookup. (use table 14.1(b).) (round your answers to 2 decimal places.): 14.50% to 14.75% d. calculate the monthly payment by formula. (round your answer to the nearest cent.): ?? Calculate the monthly payment by table lookup at 14.50% (Use table 14.2 round your answer to the nearest cent): ??

Essentials Of Investments
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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ramon hernandez saw the following advertisement for a used volkswagen bug and decided to work out the numbers to be sure the ad had no errors. cash price $7,880 down payment $0 annual percentage rate 14.53% deferred price $11,131.80 or 60 payments at $185.53 per month

a. calculate the amount financed: $7,880

b. calculate the finance charge. (round your answer to the nearest cent.): $3,251.80

c. calculate the apr by table lookup. (use table 14.1(b).) (round your answers to 2 decimal places.): 14.50% to 14.75%

d. calculate the monthly payment by formula. (round your answer to the nearest cent.): ??

Calculate the monthly payment by table lookup at 14.50% (Use table 14.2 round your answer to the nearest cent): ??

TABLE (concluded) ANNUAL PERCENTAGE RATE OF (FINANCE CHARGE PER S1O0 OF AMOUNT FINANCEDI SE L 2.76 2.80 2.5 7.89 2.93 2.t 16 1 16 1 15 2 3.67 3.73 60 E 3. 78 02 E CE E 0*E 66 2 16 E ES C 65 E 4.47 4,94 5.02 $.09 5.58 5.66 $.75 S.83 S.92 6.00 6.29 6.38 6.44 6.5# 6.67 6. 4.12 3.17 $.24 SE* (2 S 06S 6. 609 7.96 8.08 8.19 8.31 21L 1.37 8.70 8.83 8.96 9.09 4.02 .16 .30 9.45 9.59 9.73 9.87 9.58 9.71 .89 10.04 10.20 10.15 10.50 10.66 10.79 10.45 10.47 10.78 10.95 11.1l 11.28 11.45 7.14 7.27 1.40 1.53 7.66 7.79 65 21*01 96* 15. 221 90 21 *1 101 1S 11 11 4!'1! 00 1t 24 0t +9*01 1*91 62 01 I1'0 **** 91 16.17 16.4 16. 76 17.06 17.35 17.65 17.05 18.25 14.5s 18.44 19.14 14.44 19.79 20.05 20.M ***t 41 7 17.80 16.12 16.44 16.76 19.0e 14.4 1.74 20.0A 7J.10 20.71 21.04 21.37 21.69 22.02 1 18.47 18.80 19.14 19.47 10.#I 20.1 20.44 20.47 21.1s 21.50 21.84 22.1A 2.52 22.6 (11 09" 47. 20.54 20.90 21.74 71.42 21.99 27.1s 22.72 23.0 21.44 23.a1 24.1A 24.59 18 st 20-40 20.79 21.17 21. 56 21.95 2 2.33 22.72 23.11 23.50 23.44 24.28 24,44 25.07 25.46 74,46 24/25 22.80 23.23 23.5 24.08 24.51 24.4 25. 25.79 26.23 26.66 27.09 77.52 27. A24.39 /28.83 23.04 23.48 23.92 24.35 24.80 25.24 24.6 26.12 26.47 21.01 27.4 27,90 28.35 24,40 74,25 29.70 23.70 24.16 24.41 25.D6 25.51 25.47 26.42 20.84 27.14 27.80 24.2 24,77 24,18 29, 64 10.10 30.57 2.37 24.84 25.30 25.77 26.24 24.70 27.17 27.04 28.11 26.59 29.0a 24,51 30.OL 30.49 1n,6 .44 62 66 9 24 61 24 0 16 1 16 *0€ #1*66 $**62 8162 #0*2 91 42 6 12 61 L2 2 2 24.41 28.92 29.44 29.95 30.46 0.97 31.49 32.01 32.52 33.04 13,45 4,08 31.36 31.92 32.49 33.06 33.63 34, 20 34,77 35, 35 35.92 36.50 17.04 17.60 29.74 30.36 30.9* 31.$2 32.10 32.8 33.26 33.4 34,43 5.01 35.60 36.19 36.76 17.37 37.96 18,56 42.33 41.04 43.75 44,47 45.18 45, 90 10 $6.13 42.57 41.1I 44.05 44, 23 45.00 45.77 4 41,32 48.09 48.47 44,4 .1# 38.93 39.6* 40.43 41.14 41.95 42.71 46.64 47.42 .71 49.0L 49,80 0,40 49,92 50.73 1.55 21 69 16 16 1 16 5
Transcribed Image Text:TABLE (concluded) ANNUAL PERCENTAGE RATE OF (FINANCE CHARGE PER S1O0 OF AMOUNT FINANCEDI SE L 2.76 2.80 2.5 7.89 2.93 2.t 16 1 16 1 15 2 3.67 3.73 60 E 3. 78 02 E CE E 0*E 66 2 16 E ES C 65 E 4.47 4,94 5.02 $.09 5.58 5.66 $.75 S.83 S.92 6.00 6.29 6.38 6.44 6.5# 6.67 6. 4.12 3.17 $.24 SE* (2 S 06S 6. 609 7.96 8.08 8.19 8.31 21L 1.37 8.70 8.83 8.96 9.09 4.02 .16 .30 9.45 9.59 9.73 9.87 9.58 9.71 .89 10.04 10.20 10.15 10.50 10.66 10.79 10.45 10.47 10.78 10.95 11.1l 11.28 11.45 7.14 7.27 1.40 1.53 7.66 7.79 65 21*01 96* 15. 221 90 21 *1 101 1S 11 11 4!'1! 00 1t 24 0t +9*01 1*91 62 01 I1'0 **** 91 16.17 16.4 16. 76 17.06 17.35 17.65 17.05 18.25 14.5s 18.44 19.14 14.44 19.79 20.05 20.M ***t 41 7 17.80 16.12 16.44 16.76 19.0e 14.4 1.74 20.0A 7J.10 20.71 21.04 21.37 21.69 22.02 1 18.47 18.80 19.14 19.47 10.#I 20.1 20.44 20.47 21.1s 21.50 21.84 22.1A 2.52 22.6 (11 09" 47. 20.54 20.90 21.74 71.42 21.99 27.1s 22.72 23.0 21.44 23.a1 24.1A 24.59 18 st 20-40 20.79 21.17 21. 56 21.95 2 2.33 22.72 23.11 23.50 23.44 24.28 24,44 25.07 25.46 74,46 24/25 22.80 23.23 23.5 24.08 24.51 24.4 25. 25.79 26.23 26.66 27.09 77.52 27. A24.39 /28.83 23.04 23.48 23.92 24.35 24.80 25.24 24.6 26.12 26.47 21.01 27.4 27,90 28.35 24,40 74,25 29.70 23.70 24.16 24.41 25.D6 25.51 25.47 26.42 20.84 27.14 27.80 24.2 24,77 24,18 29, 64 10.10 30.57 2.37 24.84 25.30 25.77 26.24 24.70 27.17 27.04 28.11 26.59 29.0a 24,51 30.OL 30.49 1n,6 .44 62 66 9 24 61 24 0 16 1 16 *0€ #1*66 $**62 8162 #0*2 91 42 6 12 61 L2 2 2 24.41 28.92 29.44 29.95 30.46 0.97 31.49 32.01 32.52 33.04 13,45 4,08 31.36 31.92 32.49 33.06 33.63 34, 20 34,77 35, 35 35.92 36.50 17.04 17.60 29.74 30.36 30.9* 31.$2 32.10 32.8 33.26 33.4 34,43 5.01 35.60 36.19 36.76 17.37 37.96 18,56 42.33 41.04 43.75 44,47 45.18 45, 90 10 $6.13 42.57 41.1I 44.05 44, 23 45.00 45.77 4 41,32 48.09 48.47 44,4 .1# 38.93 39.6* 40.43 41.14 41.95 42.71 46.64 47.42 .71 49.0L 49,80 0,40 49,92 50.73 1.55 21 69 16 16 1 16 5
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