Jim Meriweather purchased an engraving machine for $26,000 and financed it for 36 months. The total finance charge was $4,633. Use the table of interest per $100 ind the annual percentage rate.
Jim Meriweather purchased an engraving machine for $26,000 and financed it for 36 months. The total finance charge was $4,633. Use the table of interest per $100 ind the annual percentage rate.
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:36 months. The total finance charge was $4,633. Use the table of interest per S100 to
Jim Meriweather purchased an engraving machine for $26,000 and financed it
find the annual percentage rate.
E 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.)
Transcribed Image Text:Number
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%
APR (Annual Percentage Rate)
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
36
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
37
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
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