Calculate the amount financed, the finance charge, and the monthlypayments (in $) for the add-on interest loan. (Round your answers to thenearest cent.)PurchaseAdd-onNumber ofFinanceMonthlyPaymentDownAmount(Cash)PricePaymentFinancedInterestPaymentsCharge145%$2,00015%241,70030$ 616.30$ 77.21

The add-on interest method adds the total interest and the principal amount to reflect the amount…

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 Monthly Payment Down Amount Add-on Number of Finance (Cash) Price Payment Financed Interest Payments Charge $ 1,700 14-% $ 77.21 $2,000 15% 30 24 616.30

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 Monthly Payment Down Amount Add-on Number of Finance (Cash) Price Payment Financed Interest Payments Charge $ 1,700 14-% $ 77.21 $2,000 15% 30 24 616.30

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 5FPE

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Question

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
Add-on
Number of
Finance
Monthly
Payment
Down
Amount
(Cash)
Price
Payment
Financed
Interest
Payments
Charge
145%
$2,000
15%
24
1,700
30
$ 616.30
$ 77.21

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