Find the APR (rounded to the nearest tenth of a percent) for the loan.Purchase a living room set for $3,100 at 12% add-oninterest for 4 years.Use the editor to format your answer Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to bereceived and recorded and that the month is 30 days long. $600 balance. 14%, $100 payment, adjusted balance method.$6.14B $5.83C) $7.00$4.60E $3,50

Part 1: Cost of set = $3,100 Rate = 12% Time period = 4 years

Answered: Find the APR (rounded to the nearest…

Find the APR (rounded to the nearest tenth of a percent) for the loan.Purchase a living room set for $3,100 at 129% add-on interest for 4 years.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

Find the APR (rounded to the nearest tenth of a percent) for the loan.Purchase a living room set for $3,100 at 12% add-on
interest for 4 years.
Use the editor to format your answer

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be
received and recorded and that the month is 30 days long. $600 balance. 14%, $100 payment, adjusted balance method.
$6.14
B $5.83
C) $7.00
$4.60
E $3,50

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