Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Amount Financed Number of Payments Monthly Payment Finance Charge
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Amount Financed Number of Payments Monthly Payment Finance Charge
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
Related questions
Question
100%
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)
| Amount Financed |
Number of Payments |
Monthly Payment |
Finance Charge |
Finance Charge per $100 |
APR |
|---|---|---|---|---|---|
| $17,950 | 48 | $523.47 | $ | $ | % |
Transcribed Image Text:ANNU AL PERCENT AGE RAT E
NUMBER
OF
PAYMENTS 10.00% 10.25% 10.50% 10. 75% 11.00% 11.25% 11.50% 11.75% 12.00% 12.25% 12.50% 12.75% 13.00% 13.25% 13.50% 13.75%
(FI NA NCE CHARGE PER $100 OF AMOUNT FINANC ED)
0. 90
1.35
1.80
2.25
1.00
1.50
2.01
2.51
3.02
1.04
1.57
2.09
2.62
3.15
1.06
1.60
2.13
1.08
1.63
2.17
2.72
3.27
1.12
0.87
1.31
1.76
2.20
2.64
0.92
1.38
1.84
2.30
2.77
0.94
1.41
1.88
2.35
2.83
1.15
1.72
2.30
2.88
0.96
0.98
1.47
1.02
1.53
2.05
2.57
3.08
1.10
0.83
1.25
1.67
2.09
2.51
0.85
1.28
1.71
2.14
2.58
1.44
1.66
1.69
1.92
2.41
2.89
2.22
2.78
3.34
2.26
2.83
3.40
1.96
2.46
2.96
2.67
2.70
3.21
3.46
3. 60
4.12
4.65
3.75
4.29
3.83
4.38
3.90
3.16
3.62
4. 07
4.05
4.64
5.22
5. 82
3.23
3.70
3.38
3.87
3.45
3.95
3.53
3.68
4.21
3,97
3.01
3.45
3.88
4. 32
4.76
3.08
3.53
3.98
2.94
3.31
3.78
4.26
3.36
4.04
4.47
4.55
5. 03
5. 60
6.17
4.36
4.46
4.55
4.74
4.84
4.94
5.13
3.79
4.21
4.17
4.53
4.99
4.85
5.35
4.96
5.46
5. 39
5.94
5.71
6.29
4.43
4.64
4.75
5.07
5.17
5.28
5.49
4.64
4.88
5.11
5.23
5.58
5.70
5.82
6.05
6.41
6.23
6.88
5. 20
5. 64
5.71
6.36
5.33
5.78
6.23
6.49
7.04
6.75
7. 32
7. 90
5.58
5.84
5.97
6.10
6.62
11
12
5.07
5.50
5.93
7.01
7.60
5.45
6.62
7.14
6.48
7.18
6.76
7.29
7.82
6.90
7.46
5.92
6. 38
6. 85
7. 32
6.06
6.20
6.34
7.44
7.59
7.75
8.05
8.20
6.53
7.01
7.49
13
6.08
6.68
6.84
6.99
7.17
7.66
7.34
7.84
1.99
8.53
8.31
8.88
8.64
9.23
7.50
7.66
8.15
8.71
8.48
14
15
8.81
9.41
6.36
6.52
6.69
6.80
6.97
7.14
8.01
8.19
8.36
9.06
7. 78
8.25
8. 73
9.20
9.67
8.15
8.65
9.14
9.27
9.83
10.40
8.34
8.71
9.08
9.46
7.41
7. 86
B. 31
7.60
8.06
8.52
8.98
9.83
10.43
10.02
10.63
11.24
16
7.23
7.97
8.53
8.90
9.64
8.45
8.93
9.44
9.98
10.52
10.23
10. 82
11.41
8.84
9.04
9.63
10.03
9.24
9.77
10.30
10.83
17
7,67
9.35
9.86
10.37
9.56
10.08
10.60
10.61
11.18
18
8.10
10.19
11.03
19
8.54
8.76
9.42
9.64
10.74
10.96
11.63
11.85
20
8.98
9,21
9.44
9.90
10.13
11.06
11.30
11.53
11.76
12.00
12.23
12.46
12.10
12.67
11.12
11.64
12.17
12.70
13.22
11.36
11.90
11.85
12.41
12.97
12.59
9.66
10.12
10.57 10. 84 11.10
11.02 11.30 11.58
11.48
9.90
10.37 10. 62
10.15
10.88
11,39
11.90
11.86 12.14 12.42
12.93
10.63
10.88 11.13
11.63
11.61
12.16
12.34
12.84
13.08
21
22
23
10.39
9,42
9.86
12.93
13.19
13.44
13. 70
13.51
13.78
14.32
14.95
15.57
11.37
12.44
12.71
13. 24
14.05
10.30
10.75
13.26
13.81
14.38
14.98
24
12.98
13.54
13.82
14.10
14.66
25
11.19
11.77 12. 06
12.35
12.64
13.52
14.10
14.40
14.69
15.28
16.20
11.94 12.24 12.54
12.71
13.18
13.66
14.13
13.45
13.75
14.06
14.36
14.67
14.97
15.56
13.15
15.28
15.59
15.89
26
27
28
29
30
11.64
12.09
12.53
12.85
14.60
15.15
15.70
16.24
15.87
16.47
17.07
17.66
16.19
16.80
17,41
18. 02
14.92
12.40
12.86
13.03
13.51
14.00
14.48
16.51
17.13
17,75
13.34 13.66
13,97
14.29
15.24
16.83
13.84 14.16
14.33
14.83
14.82
15.35
15.89
15.48
16.04
15.81
16.38
16.95
14.49
16.14
17.46
18.10
18.74
14.67
15.01
16.72
12.98
13.43
13. 32
13.78
15.19
15.54
16.60
17.31
18.38
16.79
17.35
17.16
17.73
18.29
18.86
19.43
19.38
17.53
18.11
17.90
18.49
18.27
18.87
18.63
19.00
14.25
14.71
14.61
14.97
15.33
15.84
16.34
16.85
17.35
15.70
16.21
16.73
17.25
17.77
16.06
16.59
16.43
16.97
31
13.89
19.63
20.26
20, 90
19.25
20.02
32
33
14.34
14.79
15.25
15.70
15.09
15.46
18.69
17.12
17.65
18.18
17.90
18.46
19.01
19.08
19.47
20.08
20.69
19.87
20.66
21.31
21.95
15.57
17.51
15. 18
15.65
16.11
15.95
34
16.05
16.44
18.05
19.27
19.67
20.49
35
16.53
16. 94
18.60
19.85
20.27
21.11
21.53
20.43
21.02
19.14
20. 87
17.01 17.43
17.49
17.86 18.29
18.37
18.88
18,71
19.25
22.17
22.81
22.60
23.25
19.57
20.00
21.30
21.73
16.16
16.62
36
16.58
20.13
20.69
21.91
22.52
37
17.06
17.93
18.81
20.58
21.46
22.36
19.69
20.24
17. 53
19.78
21.15
21.73
22.30
21.61
22.20
22.07
22.99
23.45
23.91
18.43
18.93
19.43
38
17.08
17.98
19.33
23.61
24.09
24.56
25.22
39
17.54
18.00
18.46
19.39 19.86
20.32
20.79
21.26
27.67
23.14
40
18.00
18.48
18.95
19.90
20.38
20.86
21.34
21.82
22.19
23.27
23.76
24.25
24.73
25.3 A
26. 03
23.38
25.88
26.55
27.21
27.88
28.55
20.42
20.93 21.44
21.89
22.45
22.39
22. A8
23.47
24.05
24.64
20.91
23.88
24.38
24. 88
21.40
21.94
41
18.47
18.95
19.44
19.93
20.43
20.94
25.00
25.62
42
18.93
19,43
19.93
22.96
23.98
24.49
25.51
21.45 21.97
21.97 22.50
25.10
25.71
26.32
23.01
23.53
24.57
26.15
26.6A
19.40
19.86
20.33
19.91
20.39
20.87
43
20.42
22.49
23.03
23.58
25.17
25.77
27.33
27.99
20.91
21.44
23.57
24.10
26.25
26.79
45
21.41
21.95
22.49
23.03
24.12
24.67
25.22
26.88
27.43
27.51
24.13
24.68
25.25
25.82
26.40
26.98
25.81
26.40
46
20.80
21.35
21.90
22.46
23.01
23.57
24.69
26.37
26.94
28.08
28.65
29.22
25.25
25.81
26.38
26.95
26.98
27.56
28,14
28.72
29.31
29.89
21.27
21.74
22.21
22.97
23.48
23.99
24.50
23.53
24.06
24.58 25.18
47
21.83
22.32
22.80
22.40
24.10
22.90
23.39
23.89
25.23
25.78
26.33
27.58
28.19
28.80
48
24.64
26.99
28.18
28.77
29.37
29.97
30.57
30.63
31.29
49
27.59
28,80
29.41
30.02
31.24
50
22.69
23.29
25.11
25.72
27.56
28.18
29.42
30.04
30.67
31.92
25. 02
25. 53
26.05
28.78
29.38
29.41
30.02
30.64
31.25
30.68
31.32
31.96
32.63
31.32
32.60
23.78
24.27
24. 16
25.25
25. 74
26.26
26.81
27,35
27.90
26.89
27.52
28.15
51
52
23.16
23.64
30.05
30.67
24.40
25.64
31. 98
33.29
33.97
24.90
25.40
25.91
26.41
28.73
29.32
29.91
30.50
26.17
28.09
28.66
29.23
29.81
27.45
2१.५8
30.58
31.18
31. 30
31.93
31.97
32.61
53
24.11
26.70
28.00
32.63
33.30
26.57
27.09
54
24.59
27.23
28.56
33.29
33.98
34.66
55
25.07
27.77
28.44
29.13
31.87
32.56
33.26
33.95
34.65
35. 35
31.79
32.39
31.09
31.68
32.27
32.87
33.47
32.49
33.11
33.74
35.33
36.01
36.04
36.74
37.43
38.13
38.83
33. 20
33.91
34.62
56
57
26.23
26.73
27.23
26.92
27.43
27.61
28.30
28.84
25.55
28.99
29.69
30.39
30.97
31.55
32.13
32.71
33.83
34.47
35.11
35. 75
34.56
35.21
35.28
35.95
36.62
37.29
30.25
26.03
26.51
27.00
27.48
28.13
29.54
30.10
30.65
31.20
33.00
36.69
58
59
27.94
28.66
29. 37
30.82
31.39
31.96
37.37
38.06
27.72
28.45
29.18
29.१।
33.61
34.36
35.96
60
28.22
28.96
29.71
30.45
34.23
34.99
36,52
Transcribed Image Text:NUMBER
OF
ANNU AL PERCENT AGE RATE
PAYMENTS 14.00% 14.25% 14.50% 14.75% 15.00% 15.25% 15.50% 15.75% 16.00% 16.25% 16.50% 16.75% 17.00% 17.25% 17.50% 17.75%
(FINANCE CHARGE PER S100 OF AMOUNT FINANCED)
1
2
1.17
1.75
2.34
1.19
1.78
2.38
1.21
1.82
1.23
1.85
1.25
1.27
1.29
1.31
1.33
1.35
1.37
2.07
1.40
2.10
2.80
1.42
2.13
2.85
3.57
1.44
1.46
2.19
2.93
3.67
1.48
2.22
2.97
1.88
1.91
1.94
1.97
2.00
2.04
2.16
2.51
3.14
3.78
3
2.47
3.09
3. 12
2.55
3.20
2.59
3.25
2.64
3.30
2.68
3.36
2.43
2.72
2.16
2.89
3.04
3.65
2.93
2.99
3.41
4.10
3.46
3.51
3.62
3. 13
5
3.53
3.59
3.84
3.91
3.97
4.04
4.16
4.23
4.29
4.35
4.42
4.48
4.12
4.72
5.32
5.92
6.53
4.35
4.42
4.87
5.02
6
7
8
4.20
4.81
5.42
6.03
4.27
4.49
4.57
5.23
5.90
4.72
4.79
4.94
5.66
6.38
7.11
4.64
5.17
5.09
5.83
6.58
5.24
5.49
6.19
4.89
4.98
5.06
5.71
5.15
5.32
6.00
5.40
6.09
6.78
5.58
5.75
5.92
6.00
5.51
5.61
5,80
6.29
6.48
7.22
6.67
1.43
6.77
6.14
6.77
6. 25
6. 88
6.57
7.24
6.89
7.60
6.35
6.46
6.68
7.00
7.32
7.54
10
6.65
7.00
7.12
7.36
7.48
7.72
7.84
7.96
8.08
8.19
8.31
7.14
7.74
8.36
7.92
11
12
7.27
7.89
8.51
9.13
9.76
7.40
8.03
7.53
8.17
8. 81
9.46
7.66
1.19
8.05
8.18
8.31
8.57
9. 30
10.04
8.44
8.70
8.83
9.59
8.96
9.09
8.45
8.31
8.97
9.63
8.59
9.27
9.96
8.74
9.43
10.12
8.88
9.58
10.29
11.00
9.02
9.73
10.45
9.16
9.45
10.20
9.73
9.87
13
14
8.97
9.59
8.66
9.30
9.94
9.12
9.19
9.89
10.6?
11.35
10.35
11.11
10.50
11.28
12.06
10.66
11.45
10.78
10.95
15
10.11
10.29
10.47
10.64
10.82
11.17
11.53
11.71
11.88
12.24
11.71 11.90 12.09 12.28
12.42
10.20 10.3
16
17
10.95 11.14 11.33 11.52
11.02 11.22 11.42 11.62 11.82 12.02 12.22
10.58 10.77
12.46
13.23
12.65
12.84
13.03
10.82
11.45
12.62
13.35
12.83 13.03
13.57
13.43
13.63
14.42
13.83
18
11.66
12. 30
11.87 12.08 12.29 12.50 12.72 12.93
13.14
13.78
13.99
14.76
14.21
14.64
15.44
19
12.07
12.52 12.74 12.97
13.19
13.41 13. 64
13.86
14.09
14.31
14.54
14.99
15.77
15.22
20
12.70 12.93
13.17 13.41
13.64 13.88 14.11 14.35
14.59
14.82
15.06
15. 30
15.54
16.01
16.25
21
22
23
24
13. 58
14.22
14. 87
13.33
13.82 14.07 14.32 14.57
15.26
14.82 15.06
15.52 15.78
15.96 16.2 3 16.50
17.22
15.31
15.56
15.81
16.06
16.83
16.31
17.09
16.56
16.81
17.62
17.07
17. 88
18.70
19.53
20.36
13.96
14.59
14.48 14.74 15.00
15.14 15.41
16.04 16. 30
16.57
17.36
15.68
16.78
17.05
17.51 17.80
18.25
17.32
17.60
18.37
17.88
18.66
18.15
18.95
19. 75
18.43
15.23
15.87
15.51
16.17
16.94
17.65
15.80
16.08
16. 76
16.37
17.06
16.65
18.09
19.24
20.05
25
16.46
17.35
17.95
18.55
18.85
19.15
19.45
18.68
19.41
20.15
26
16.51
17.15
17.80
18.45
19.10
16.82
75 .7ן
18.37
17.13 17.44
17.80 18. 12
18.47 18. 80
18.06
18.76
19.47
20.18
19.30
20.06
20.82
18.99
19.93
20.39 20. 71
21.50
19.62
20.24
20.56
20.87
21.19
27
17.47
18.13
18.79
19.09
19.74
20.48
18.44
21.04
21.84
?1.37
22.18
21.69
22.02
28
29
30
19.14
19.81
21.16
22.86
23.70
22.52
19.14 19.49 19.83
19.81 20.17
20.53 20.88
21.26
21.23
21.58
21.94
22.29
22.72 23.08
22.64
22.99
23.35
19.45
20.54
20.90
21.62
21.99
22.35
23.45
23.A1
24.18 24.55
31
19.75
20.12
20.49 20.87
21.17 21. 56
21.85 22.25
22.54
23.88
24.68
25.48
26.28
21.24
21.95
21.61
22.33
21.99 22. 37
22.72 23.11
22.74
23.12
23.50
24.26
25.07
25.88
26.70
27.52
24.64
20.40
21.06
21.72
25.02
25.86
25.40
26.25
27.11
32
33
20.19
21.46
23.50
24.26
23.89
24.28
25.46
23.06
23.78
22.65
23.46
23.86
24,67
25.07
25.86
26.29
26.70
34
35
25.03
25.79
22.13
22.95
24.19
24.94
23.37
24.61
25. 36
25.44
27.12
27.54
27.97
22.38
22.80
23.23
23.65
24.08
24.51
26.23
26.66
27.09
27.96
28.39
28.83
36
37
23.04
23.70
23.48
24.16
24.84
23.92
24.35
25.06
24.80
25.24
25.68
28.80
26.12
26.88
26.57
27.01
27.46
27.90
28.35
29.25
29.70
30.57
26.42
27.17
27.44 27.92
24.61
25.51
25.97
26,70
27.80
27.34
28.11
28.26
29.06
28.7?
29.53
29.18
30.01
29.64
30.10
38
24.37
25.30
25.77
26.24
27.64
28.41
28.59
29.38
30.49
30,96
31.44
39
25.04
25. 52
26.00
26.48
26.96
28.89
29.68
29.87
30. 36
30.85
31.34
31.83
32.32
40
25.71
26. 20
26.70
27.19
27.69
28.18
28.68
29.18
30.18
30.68
31.18
31.68
32.19
32.69
33.20
41
26.39
26.89
27.40
27.91
28.41
29.15
28.92
29.44 29. 95
30.46
30.97
31.49
32.31
32.01
32.52
33.37
34.22
33.04
33.56
34.08
34.97
42
27.06
27.58
28.10
28.62
29.67
30.42
30.19
30.96
30.72
31.25
31.78
32.58
32.84
33.67
34.51
33.90
34.44
35.31
43
27.74
28.27
28.81
29.34
30.07
29. 88
31.50
32.04
33.13
34.76
35.86
31.72
32.49
33.95
34.77
44
28.42
28.97
29.52
30.62
31.17
32.28
32.83
33.39
35.07
35.92
35.63
36.19
36. 76
45
29.11
29.67
30.23
30. 79
31.36
31.92
33.06
33.63
34.20
35. 35
36.50
37.08
37.66
30. 36
31.07
31.77
32.48
29.79
30.48
31.52
32.25
46
30.94
32.10
32.84
32.68
33.26 33. 84
35.60
36.43
36.19
31. 37
38.25
34.43
35.01
36.78
37.96
38.56
47
31.66
33.44
34.20
34.63
34.03
34.81
35.23
35.83
37.04
37.64
38.50
38.86
39. 75
39.46
32.37
33.09
48
31.17
32.98
33.59
35.42
36.21
37.01
36.03
36.65
37.27
37. 88
39.13
40.37
38. 14
39.59
49
31.86
33.71
34.34
35.09
41.29
42.20
34.96
35.59
39.10
39.37
40.24
36.84
37.47
40.01
40.65
41.55
50
32.55
33. 18
33.82
34.45
35. 73
36.37
37.65
38.30
38.94
40.89
36.49
37.27
39.12
39.96
40.79
51
33.25
33.95
34.65
34.54
40.45
41.31
42.17
43.04
33.89
35.19
35.93
35.84
37.15
37.94
38.46
39.28
37.81
29.79
41.11
41.7A
42.45
43.12
52
34.61
35.27
36.00
36.60
37.36
38.61
40.63
41.99
42.67
43.36
44.04
53
35. 32
36. 68
38.04
38.72
39.41
40.10
40.92
41.74
41.48
42.87
43.57
44.27
44.97
40.22
41.03
54
35.35
36.73
38.82
39.60
36.04
37.42
38.12
38.88
39.52
40.31
41.63
42.33
43.75
44,47
45.18
45.90
55
36.05
36.76
37.46
38.17
42.47
43.19
43.91
44.64
45.37
46.10
46.83
56
36.76
37.48
38.20
38.92
39.65
40.42
40.38 41.11
41.91
42.71
41.84
42.57
43.31
44.05
45.53
46.42
44.79
46.27
47.02
47.77
57
38.20
39.68
40. 43
37.47
38.94
43.40
44.91
45.77
41.16
42.65
44.15
45.00
45.66
47.18
47.94
48.71
58
38.18
38.89
38.93
39.68
41.19
41.95
43.47
44.23
46.54
47.32
48.09
49.01
49.92
48.87
49.80
49.65
41.19
41.95
59
39.66
40.42
41.96
42.74
42.74
43.51
44.29
45.07
45.85
46.64
47.42
48.21
50.60
60
39.61
40.39
41.17
43.53
44.32
45.11
45.91
46.71
47.51
48.31
4१.12
50.73
51.55
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