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 FinancedNumberAPR (Annual Percentage Rate)of monthlypayments 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 21.9517.43 17.86 18.29 18.71 19.14 19.57 20.00 20.43 20.87 21.30 21.73 22.17 22.6017.93 18.37 18.8119.25 19.69 20.13 20.58 21.02 21.46 21.91 22.36 22.81 23.253637PrintDoneQ-X

The Present Value is the current value of a future amount i.e., it is the amount to be invested…

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.)

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.)

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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Similar questions

Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $173.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent
Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed the balance with monthly payments of $236.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ 1,559.68 Incorrect: Your answer is incorrect. (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) 9.68 Incorrect: Your answer is incorrect. %
(Round to the nearest cent as needed.)
Phillip purchased a machine for $20,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 7.82% compounded quarterly. He paid $1,125 at the end of every quarter to settle the loan. a. What was the principal portion of payment number 4? b. What was the interest portion of payment number 4?
Hassan invested $4000 into an account four years ago. Today his account has grown to have a balance of $4827.50. Given that his account offered monthly compounding of interest, what is the APR on this account? give the answer in %?
John Paszel took out a loan for 48 months but paid it in full after 27 months. Find the refund fraction he should use to calculate the amount of his refund. (Type an integer or a simplified fraction.)
Casey purchased a machine for $28,500 for his company. He paid 5% of this amount as a down payment and financed the rest at 4.82% compounded quarterly_ He paid $1,125 at the end of every quarter to settle the loan. What was the interest portion of payment number 4? Round to the nearest cent. What was the principal portion of payment number 4? Round to the nearest cent.
While William was a student at Edinburgh University, he borrowed $15,000 in student loan at an annual interest rate of 9%. If he repays $2,000 per year, calculate the period required (to the nearest year) to pay off his debt. Expressing the formula and workings (not using excel).
Hinton Inc. borrowed$35,000for 7 years at a simple interest rate of6.1%. The interest was to be paid monthly. (a) Find the monthly interest payment. (Round your final answer to two decimal places.)$ (b) Find the total amount of interest paid.
Falco Inc. financed the purchase of a machine with a loan at 3.50% compounded semi-annually. This loan will be settled by making payments of $9,100 at the end of every six months for 8 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?
Miller borrows $370,000 to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and interest is at 8%. What is the amount of each payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1). Multiple Choice О $62,451 О $118,400 $122,549 О $54,955
A bank made a farmer a loan of $1,000 at 16% for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for the same period. Future value=$ (Round to the nearest cent as needed.)

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