Donald Simmons purchased a leather living room set for $5250, paying $750 down. The balance was financed for 19 equal monthly payments, and Donaldagreed to pay a $612 finance charge. Using the annual percentage rate (APR) table, calculate the following. (Round all answers to the nearest hundredth.)1. Amount financed:2. Annual percentage rate (APR):$0%Ś NumberofPayments11121314151617181920212223242510%5.075.505.936.366.807.237.678.108.548.989.429.8610.3010.7511.1910.25%5.205.646.08ANNUAL PERCENTAGE RATE (FINANCE CHARGE PER $100 OF AMOUNT FINANCED)6.526.977.417.868.318.769.219.6610.1210.5711.0211.4810.5%5.335.786.236.697.147.608.068.528.989.449.9010.3710.8411.3011.7710.75%5.455.926.386.857.327.788.258.739.209.6710.1510.6211.1011.5812.0611%5.586.066.537.017.497.978.458.939.429.9010.3910.8811.3711.8612.3511.25%5.716.206.687.177.668.158.659.149.6410.1310.6311.1311.6312.1412.6411.5%5.846.346.847.347.848.348.849.359.8610.3710.8811.3911.9012.4212.9311.75%5.976.486.997.508.018.539.049.5610.0810.6011.1211.6412.1712.7013.2212%6.106.627.147.668.198.719.249.7710.3010.8311.3611.9012.4412.9813.5212.25%6.236.767.297.828.368.909.449.9810.5211.0611.6112.1612.7113.2613.81X12.5%6.366.907.447.998.539.089.6310.1910.7411.3011.8512.4112.9713.5414.10

Finance charges The cost of using a credit or extending credit is known as a finance charge. The…

Answered: Donald Simmons purchased a leather…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In order to make some home improvements, a homeowner spent $24000. He paid 18% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5% Determine the home owner's total finance charge and monthly payment. Select one: a.Total finance charge = $3381.02; Monthly payment = $640.58 b.Total finance charge = $1156.06; Monthly payment = $579.03 c.Total finance charge = $3074.40; Monthly payment = $752.07 d.Total finance charge = $1395.12; Monthly payment = $585.42
Tim Houston purchased a wall unit for $2,200. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.) %
Juan purchased a new automobile for $27,000. Juan made a cash down payment of $6,750 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. Required: Calculate the amount of the required monthly payment. Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) I need to know which table is it that I use for this problem
Can you help me with this please? Katrina purchased a dining room set for $1500 down with the balance to be paid by 36 monthly payments of $198.12 including interest at 12% compounded monthly. What was the balance owed after 20 payments?
Juan purchased a new automobile for $20,000. Juan made a cash down payment of $5,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. Required: Calculate the amount of the required monthly payment. Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Monthly payment
Don James purchased a new automobile for $28,000. Don made a cash down payment of $7,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.). Required: Calculate the amount of the required monthly payment. (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.) Monthly payment
Jim Meriweather purchased an engraving machine for $25,000 and financed it for 36 months. The total finance charge was $4,765. Use the table of interest per $100 to find the annual percentage rate. Click the icon to view the table of interest per $100 of amount financed. The annual percentage rate is %. (Type an integer or a decimal.) Interest per $100 of Amount Financed Number APR (Annual Percentage Rate) of monthly payments 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% 35 16.94 17.35 17.77 18.18 18.60 19.01 19.43 19.85 20.27 20.69 21.11 21.53 21.95 17.43 17.86 18.29 18.71 19.14 19.57 20.00 20.43 20.87 21.30 21.73 22.17 22.60 17.93 18.37 18.81 19.25 19.69 20.13 20.58 21.02 21.46 21.91 22.36 22.81 23.25 36 37 Print Done Q - X
round answers to the nearest cent
Tim Houston purchased a wall unit for $2300. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tims payments are $42.50 per month calculate the APR on the loan. round to two decimal places
Give only typing answer with explanation and conclusion Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance with monthly payments of $232.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) %
please answer with correct calculations and explanations. QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed. Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS