Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.)Purchase(Cash)Price$6,000DownPayment15%tAAmountFinancedAdd-on Number ofInterest Payments13-12%30FinanceChargeMonthlyPayment

Add on Interest loan is a type of where the total amount of principal and interest is used to…

Answered: Calculate the amount financed, the…

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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Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Monthly Payment Amount Number of Table Finance APR Financed Payments Factor Charge $9,300 36 13% $ Need Help? Read It Viewing Saved Work Revert to Last Response Submit Answer
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Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to th Monthly Payment Purchase (Cash) Price $711 Down Payment Need Help? 10% Read It Amount Financed $ 639 90 Add-on Interest 7% Number of Payments 12 S Finance Charge Enter a number.
Closing Costs Credit report Loan origination fee Attorney and notary Documentation stamp Processing fee $300.00 1% $500.00 0.50% $400.00 A. $225,650 B. $255,485 C. $221,000 D. $225,515 What is the total mortgage for a $260,000 purchase, a 15% down payment, and the closing costs shown in the table?
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $5,673 By table By formula Down payment $1,223 Monthly Payment Number of monthly payments 48 Amount financed 1.4,450 Total of monthly payments $5,729.76 Total finance charge $1,279.76 APR 13%
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.)
TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 6 12 18 24 30 36 42 48 54 60 7.50% $ 170.34 86.76 58.92 45.00 36.66 31.11 27.15 24.18 21.88 20.04 8.00% $ 170.58 86.99 59.15 45.23 36.89 31.34 27.38 24.42 22.12 20.28 8.50% 9.00% $ 170.83 $ 171.20 87.22 87.46 59.37 59.60 45.46 45.69 37.12 37.35 31.57 31.80 27.62 27.85 24.65 24.77 22.36 22.59 20.52 20.76 10.00% $ 171.56 87.92 60.06 46.14 37.81 32.27 28.32 25.36 23.07 21.25 10.50% $ 171.81 88.15 60.29 46.38 38.04 32.50 28.55 25.60 23.32 21.49 11.00% $ 172.05 88.38 60.52 46.61 38.28 32.74 28.79 25.85 23.56 21.74 11.50% $ 172.30 88.62 60.75 46.84 38.51 32.98 29.03 26.09 23.81 21.99 12.00% $ 172.55 88.85 60.98 47.07 38.75 33.21 29.28 26.33 24.06 22.24 12.50% $ 172.80 89.08 61.21 47.31 38.98 33.45 29.52 26.58 24.31 22.50 13.00% $ 173.04 89.32 61.45 47.54 39.22 33.69 29.76 26.83 24.56 22.75 13.50% $ 173.29 89.55 61.68 47.78 39.46 33.94 30.01 27.08 24.81 23.01…
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $5,673 By table By formula Down payment $1,223 Monthly Payment Number of monthly payments 48 Amount financed $4,450 Total of monthly payments $5,729.76 Total finance charge $1,279.76 APR 13%
Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase(Cash)Price DownPayment AmountFinanced Add-onInterest Number ofPayments FinanceCharge MonthlyPayment $6,000 15% $ 13 1 2 % 30 $ $
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Full Book eBook Annuity Payment and EAR You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 9%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places. %
Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Total Purchase Down Amount Monthly Payment Number of Finance Deferred (Cash) Price Payment Financed Payments Charge Payment Price $3,200 20% 2$ $236.00 12 $ $

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Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase (Cash) Price $6,000 Down Payment 15% $ Amount Financed Add-on Number of Interest Payments 13-% 30 $ Finance Charge $ Monthly Payment