Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the bala monthly payments of $239.38 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 decimal places.) %
Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the bala monthly payments of $239.38 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 decimal places.) %
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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Question
![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 $239.38 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.)
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff94bf75b-73c3-436f-b3bd-aa238709d700%2F2f7d8e94-5306-4b5b-b231-b453951e218e%2Fym1kw2e_processed.png&w=3840&q=75)
Transcribed Image Text: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 $239.38 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.)
%
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