Find the APR (true annual interest rate), to the nearest half percent, for the following loan. Finance Number of Monthly Payments Charge $599 Amount Financed $5600 30 Click the icon to view the annual percentage rate table. The annual percentage rate is %.
Find the APR (true annual interest rate), to the nearest half percent, for the following loan. Finance Number of Monthly Payments Charge $599 Amount Financed $5600 30 Click the icon to view the annual percentage rate table. The annual percentage rate is %.
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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Transcribed Image Text:Find the APR (true annual interest rate), to the nearest half percent, for the following loan.
Number of
Monthly Payments
Amount
Financed
$5600
Finance
Charge
$599
30
Click the icon to view the annual percentage rate table.
The annual percentage rate is %.
Transcribed Image Text:Number of
Monthly
Payments
(n)
362422998
12
18
30
60
Annual Percentage Rate (APR) for Monthly Payment Loans
Annual Percentage Rate (APR)
4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0 % 7.5% 8.0 % 8.5% 9.0 % 9.5% 10.0 % 10.5% 11.0% 11.5% 12.0%
1.17
2.18
3.20
Finance Charge per $100 of Amount Financed (h)
1.32 1.46 1.61 1.76 1.90 2.05 2.20
2.35 2.49 2.64 2.79 2.94
3.08 3.23 3.38 3.53
2.45 2.73 3.00 3.28 3.56 3.83 4.11 4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62
3.60 4.00 4.41 4.82 5.22 5.63
6.04 6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77
7.45 8.00 8.55 9.09 9.64 10.19 10.75 11.30 11.86 12.42 12.98
7.94
8.61 9.30 9.98 10.66 11.35 12.04 12.74 13.43 14.13 14.83 15.54 16.24
6.29 7.09 7.90 8.71 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16 17.01 17.86 18.71 19.57
8.38 9.46 10.54 11.63 12.73 13.83 14.94 16.06 17.18 18.31 19.45 20.59 21.74 22.90 24.06 25.23 26.40
14.61 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48 28.96 30.45 31.96 33.47
4.22 4.75
5.29 5.83
6.37 6.91
5.25
5.92 6.59 7.29
10.50 11.86 13.23
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