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 $236.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ 1459.68 (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) ______ %
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 $236.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ 1459.68 (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) ______ %
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 22PROB
Related questions
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 $236.38 for 36 months.
(a)
What is the finance charge (in $) on the loan?
$ 1459.68
(b)
Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.)
______ %
Transcribed Image Text:TABLE 13-1 Annual Percentage Rate (APR) Finance Charge per $100
ANNUAL PERCENT AGE RATE TABLE FOR MONT HLY PAYMENT PLANS
SEE INSTRUCrIONS FOR USE OF TABLES
FRB-103-M
ANNU AL PERCENTAGE RATE
NUMBER
OF
PAYMENTS 10.0o0% 10.25% 10.50% 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%
(FINA NCE CHARGE PER $100 OF AMOUNT F INANC EO)
0.98
1.47
1.96
2.46
1.12
1.66 1.69
2.22 2.26
2.78
0,94
1.41
1.02
1.53
2.05
2.57
3.08
1.10
1.15
0.87
1.31
1.76
2.20
2.64
0. 90
1.35
0.92
0.96
1.44
1.92
1.00
1.50
2.01
2.51
3.02
1.04
1.57
2.09
1.06
1.60
0.83
1.25
1.67
2.09
0.85
1.28
1.71
2.14
1.80
2.25
2.70
1.38
1.84
2.30
2.77
1.88
2.35
2.83
2.13
2.67
3.21
1.08
1.63
2.17
2.12
3.27
1.72
2.30
2.88
3.46
2.62
2.83
2.41
2.89
2.51
2.58
2.96
3.15
3. 34
3.40
3. 90
3.23
3.70
4.17
4.64
3.45
3.68
3.75
4.29
3.83
4.38
3.97
4.55
5.13
3.08
4.05
3.31
3.78
4.26
4.75
3.38
3.87
2.94
3.36
3.79
4.21
4.64
3.01
3.45
3.88
3.16
3.62
4.07
3.53
4.04
4.55
5.07
3.60
4.12
4.65
5.17
5,70
3.95
3.53
3.98
4.43
4.88
4.36
4.85
5.35
4.21
4.74
4.94
5.49
6.05
4.47
5.03
4.64
5.22
ち。32
4.46
4.96
4.84
5.28
5.82
5. 39
5.94
4.32
5.60
5.71
4.53
4.99
4. 76
5.11
5.23
5.46
5.58
6.17
6.29
6.41
5. 20
5. 64
6.08
6.52
6.97
6.36
6.49
7.04
5.07
5.33
5.45
5.92
5.58
6.06
6.53
5.71
6.20
6.68
5.84
5.97
6.48
6.99
7.50
8.01
6.10
6.62
7.14
6.23
6.76
7.29
1.82
6.62
1.18
7.75
6.75
7.32
7.90
6.88
7.46
8.05
1.01
7.60
8.20
6.34
6.90
7.44
7.99
8.53
5.50
5.78
6.23
6. 38
6.85
7. 32
13
5.93
6.84
7.59
A. 15
6.69
7.14
8.48
9.06
8.64
9.23
7.01
7.17
7.34
14
15
6.36
6.80
7.66
8.19
8.31
8.88
8.81
9.41
7.49
7.66
7.84
8.36
8.71
8.71
9.24
9.77
7.23
8.90
9.08
9.27
9.46
9.64
9.83
10.02
7.41
7. 86
8. 31
8. 76
9.21
7.60
8.06
8.52
7.78
8.25
8.73
7.97
8.45
8.93
9.42
8.15
8.65
9.14
8.34
8.84
9.35
9.86
10.37
8.53
16
17
18
19
10.73
9.04
9.56
9,44
9.98
10.52
11.06
10.63
11.24
11.85
1.67
8.10
8.54
8.98
9.63
10.19
10.03
10.61
10.96 11.18 11.41
9,83
10, 40
10.43
11.03
11.63
12.23
10.82
8.98
10.08
10.30
10.74
9.20
9.67
9.64
20
9.44
9.90
10.13
10.60
10.83
11.30
11.53 L1.76
12.00
12.46
9.42
9.86
10.30
11.12
11.64
13. 08
13. 70
10.39
10.63
10.88
11.39
11.63 11.90 12.17
11.36
11.90
12.44 12.71
11.61
12.16
11.85
12.41
12.97
13.54
14.10
12.10
12.34
12.59
21
22
23
9.66
10.12
10.57
11.02
11.48
9.90
10.37
10.84
11.30
11.77
10.15
10.62
11.10
11.58
12. R4
13.44
14.05
12.67
12.93
10.88
11.37
11.86
13.19
13.51 13.78
14.10 14.38
11.13
13.24
10.75
11.19
13. 82
14.40
14.32
14.95
15.57
12.14 12.42 12.70
12.98 13.26
13.52 13.81
14.66
15.28
24
25
12. 06
12.35
12.64 12.93 13.22
14.69
14.98
14.06
14.60
15.15
15.70
16.24
14.36
14.92 15.24 15.56
15.48
12.24 12.54
15.28
15.59 15.89
12. 5
13.34
13.15 13.45 13.75
13.66 13.97 14.29
14.67
14.97
16.20
16.83
17.13 17.46
26
11.64
12.09
12.53 12.86 13.18 13.51
11.94
12.40 12.71 13.03
15.87 16.19 16.51
15.81 16. 14 16.47 16. 40
17.07 17.41
17.66
28
13.84 14.16 14.49 14.82
13. 32 13.66 14.00
13. 78
14.33
16.72
17.75
14.67 15.01 15.35
15.54
16.04
16.60
16.38
16.95
18.10
18.74
29
12.98
13.43
30
14.13
14.48
14.83
15.19
15.89
17.31
18.02
18.38
17.53
14.97
15.46
15.95
16.44
17.90
18.49
19.0A
19.00
19.63
20.26
20.90
15.33
15.70 16.06
16.21
16.73 17.12 17.51
17.25 I7.65 18.05
17.77 18.18
16.43
16.97
16.79
17.35
17.90
18.46
17.16
17.73
18.29
18.86
19.43
18.27
18.87 19.25
19.47 19.87
20.08 20.49
18.63
31
32
33
19.38
20.02
20.66
21.31
21.95
13.89
14.34 14.71
14.25
14.61
15.09
16.59
15.84
16.34
16.85
17.35
18.11
18.69
19.27
14.79 15.18 15.57
15.25
15.70
19.67
20.27
15.65
34
35
16.05
16.53
16.11
16. 94
18.60
19.01
19.85
20.69
21.11
21.53
16. 58
16.62 17. Do
17.08 17.53 17.98
17.54 18.00
18.48
18.71
19.25
20.00
20.58
21.15
20.43
21.02
20.87
21.46
22.07
21.30
21.91
22.52
21.73
22.36
22.99
23.61
24.25
22.17
22.81
23.45
22.60
23.25
23.91
17.01
17.43
17.93
18.43
17.86
18.37
18.88
18.29
18.81
19.14
19.69
19.33 19.78 20.24
20.32 20.79
19.57
20.13
36
16.16
37
17.49
38
39
18.93
19.43
20.69
21.26
21.82
21.61
22.20
22.79
21.73
27.67
23.14
24.09
24.73
18.46
24.56
19.39 1 9.86
19.90
22.30
40
18.00
18.95
20.38
20.86
21.34
23.27
23.76
25.22
20.91
21.89
22.45
23.01
23.57
22.39
22. 88
23.38
23.88
24.3A
25.00
25.62
26.25
24. 88
25.3A
25.88
2も。55
27.21
18.47
18.95
19.43
19.44
19.93
20.42
19.93
20.43
20.42
20.93
21.45
21.40
21.94
22.49
23.03
41
42
23.47
23.98
25.51
26. 03
21.44
21.97
22.50
22.96
23.53
24.10
24.67
24.49
18.93
19.40
19.86 20.39
20.33
24.05
24.64
25.22
24.57
25.17
25.77
25.10
25.71
26.32
26.15
26.79
27.43
26.6A
27.33
43
19.91
20.94
20.91
21.41
21.44
21.95
21.97
22.49
27.88
28.55
20.87
23.03
23.58
24.12
26.88
27.99
ZA. 08
2R. 72
29.37
30.02
22.46
23.01
23.53
24.06
24.58
25.11
23.57
46
47
48
20.80 21.35
21.27 21.83
21.74
22.21
21.90
22.40
22.90
23.39
22.97
23.48
23.99
24.13
24.68
25.23
25.78
24.69
25.25
25.81
25.25
25.82
26.40
25.81
26.40
26.99
27.59
26.37
26.98
27.58
28.19
26.94
27.56
2A.18
28, 80
27.51
ZA.14
28.77
29.41
ZA.65
29.31
29.97
30.63
29.22
29.89
30.57
31.24
24.10
22.32
24.64
25.18
25.12
22.80
26.38
26.98
27.56
49
50
22.69
23.29
23.89
24.50
26.33
26.95
28.18
28.80
29.42
30.04
30.67
31.29
31.92
25.02
25. 53
26.05
26.57
27.09
31.96
32.63
33. 30
33.98
28.78
29.41
30.05
30.67
31. 30
31.93
30.68
23.16
23.64
24.11
24.59
31.32
31. 98
32.63
32.60
33.29
23. 78
24.40
24.90
25.40
25.91
26.41
25.64
26.17
26. 70
26.26
26.81
27,35
26.89
27.45
28.00
27.52
28.09
28.66
2A.15
28.73
29.32
29.91
51
52
30.02
30.64
31.25
31.87
31.32
53
54
55
24.27
24. 16
25.25
25. 74
29.38
29.98
30.58
31.97
32.61
33.26
33.97
34. 66
35.15
27.23
33.29
27.90
28.44
28.56
29.13 29.81
29.23
25.07
27.77
30.50
31.18
32.56
33.95
34.65
29.69 30, 39
30.25 30.97
30.82
33.20
31.09
31.68
31.79
32.49
32.39 33.11
56
57
58
25.55
26.03 26.73
26.51 27.23
33.91
34.56
35.21
35. A6
36.52
34.62
35.28
15.95
36.62
37.29
35.33
36.01
36.69
37.37
36.04
36.74
37.43
26.23
26.92
27.43
27.94
27.61
28.13
28.66
28.30
28.84
29. 37
28.99
29.54
30.10
33,83
34.47
31.55
32.27 33.00 33. 74
33.61 34.36
34.99
31.39
32.13
32.87
59
60
27.00
27.48
27.12
28.22
28.45
28.96
29.18
29. 71
29.91
30.45
30.65
31.20
35.11
35.75
38.13
38.83
31.96
32.71
33.47
34.23
38.06
12345n
Transcribed Image Text:TABLE 13-1 Annual Percentage Rate (APR) Finance Charge per $100 (continued)
ANNUAL PERCENTAGE RATE TABLE FOR MONTHLY PAYMENT PLANS
SEE INSTRUCT I ONS FOR USE OF TABL ES
FRB-104-M
NUMBER
ANNUAL PERCENT AGE RATE
OF
PAYMENTS 14.00x 14.25% 14. 50% 14.75% 15. 00% 15.25% 15.50% 15.75% 16.00% 16.25% 16.50% 16.75% 17.00% 17.25% 17.50% 17.75%
(FI NANCE CHARGE PER S100 OF AMOUNT FINANCEDI
1.25
1.42
2.13
2.85
3.57
4.29
1.17
1.19
1.21
1.23
1. 85
2.47
1.27
1.91
1.29
1.31
1.97
1.33
1.35
1.17
1.40
2.10
2.80
3.51
1.44
2.16
2.89
3.62
4.35
1.46
2.19
2.93
3.67
4.42
1.48
2.22
2.97
3. 13
4.48
2
1.75 1.78
1.82
1.88
1.94
2.00
2.04
2.07
2.34
2.36
2.43
2.51
3.14
2.55
2.59
2.64
2.68
2.12
2.16
3.04
3.65
3. 09
3. 12
2,93
2.99
3.20
3.25
3.30
3.36
3.41
3.46
3.53
3.59
3.78
3.84
3.91
3.97
4.04
4.10
4.16
4.23
5.09
5.83
4.12
4.20
4.27
4.89
5.51
4.35
4.42
5.06
5. 71
4.57
5.23
5.90
4.49
4.64
4.72
4.79
4.87
4.94
5.02
5. 75
5.17
5.24
6.00
4.98
5.61
4.12
5.32
5.92
6.53
4.81
5.42
6.03
6.65
5.15
5.80
6.46
7.12
5.32
5.40
5.49
5.58
6.29
7.00
7.72
5.66
5.92
6.09
6.78
7.48
6.00
6.19
6.38
6.48
7.22
1.9h
6.58
6.67
6.77
6.14
6.77
6. 25
6. 88
6.57
7.24
6.68
7.36
6.35
6.89
7.11
1.32
1.43
7.54
10
7.00
1.60
7.84
8.08
8.19
8.31
7.40
8.03
8.66
9,30
9.94
11
12
1.14
7.74
8.36
7.27
7.89
8.51
9.13
9.76
1.53
8. 17
8. 81
7.79
8.45
9.12
8.05
8. 74
9.43
9.96 10.12
7.92
8.18
8.88
7.66
8.31
8.97
8.31
9.02
9.73
10.45 10.67
11.17 11.35
8.44
8.70
9.45
10.04 10.20
10.78 10.95
11.53 11.71
8.57
8.83
8.96
8.59
9.27
9.59
10.35
11.11
9,09
9,87
10.66
9.16
9.30
9.73
13
9.58
9.89
10.50
14
8.97
9.46
9.63
9.79
10.29
11.00
11.28 11.45
15
9.59
10.11
10.29 10.47 10.64 10.82
11.88
12.06
12.24
16
17
18
10.20
10.82
11.45 11.66
12.07
12.70 12.93 13.17 13.41
10.39
10.58
10.77
11.22 11.42
11.87 12.08
10.95 11.14 11.33
11.52
11.71
11.90 12.09
12.62 12.83
12.28
13.03
13. 78
12.46
13.23
13,99
14.76
15.54
12.84
12.65
13.43 13.63
14.21 14.42 14.64
13.03
11.62 11.82 12.02
12.29 12.50 12.72 12.93
12.97 13.19 13.41
13.64 13.88 14.11
11.02
12.22
12.42
13.83
13.14
13.35 13.57
19
12. 30
12.52 12.74
13.64
13.86
14.09
14.31
14.54
14.99 15.22 15.44
20
14.35
14.59
14.82
15.06
15. 30
15.77
16,01
16.25
13.33 13. 58 13.82 14.07 14.32 14.57 14.82 15.06
13.96
21
16.31
17.09
15.31
15.56
15.81
16.06
16.56
16.B1
17.62
17.07
17. 88
18.70
22
14.22 14.48 14.74
15.14
15.80
16.46
15.00 15.26 15.52 15.78
15.68 15.96 16.23 16.50
16.37 16.65
16.04
16.78
17.51
16.30
17.05
17.80
16.57
16.83
17.36
23
14.59
14. 87
15.41
16.08
16. 76
17.32
17.60
17.88
18.15
18.43
17.22
17.95
24
15.23
15.51
16.94
18.09
18.37
18.66
18.95
19.24
19.53
25
15.87
16.17
17.06 17. 35 17.65
18.25 18.55 18.85 19.15 19.45 19. 75
20.05
20. 36
26
27
28
29
30
16.51
16.82 17.13
17.44
17.75
18.06
18.37
18.69
19.41
18.99
19.74
19.30 19.62 19.93 20.24 20.56
21.04 21.37
21.84 27.18
20.87
21.69
22.52
22.64 22.99 23.35
24.18
21.19
17.47
17.80 18.13 18.47 18.80
18.45 18.79 19.14
19.45
17.15
17.80
20.06 20.39 20.71
20.82 21.16 21.50
21.94
22.72
22.02
22. 86
23.70
24.55
18.12
18.44
18.76
19.09
19.14
19.47 19.81
20.15
20.48
19. 43
20.54
19.49
20.18
20.53
20.88
21.23 21.58
21.99
22.29
23.08
19.10
19.81
20.17
20.90
21.26
21.62
22.35
23.45 23.A1
31
32
19.75
20.40
20.12
20.49 20.87
21.56
22.25
22.95
21.24
21.61
21.99
22.37
22.74 23.12 23.50
20. 79 21.17
21.46
21.72 22.13 22.54
22. 80
23.88
24.68
25.48
26.28
24.26
25.07
25.88
26.10
24.64
25,46
26.29
27.12
27.96
75.02
25.86
26.70
27.54
28.39
25.40
26.25
27.11
21.95
22.33
22.72
23.46
23.11
23.50
23.89
24.28
33
21.06
21.85
23.06
23.37 23.78
24.08
22.65
23.86
24.26
24.67
25.07
34
24.19
24.61
25.03
25.44
25.86
27.97
28.83
35
22.38
23.23
23.65
24.51
24.94
25. 36
25.79
26.23
26.66
27.09
27.52
24.35
25.06
25.77
26.48
27.19
36
23.04
23.48
23.70
24.16
24.37 24.84
23.92
24.61
25.30
26.00
24.80
25.51
25.24 25.68
25.97
26.12
27.46
26.57
27.34
28.11
28.89
29.68
27.01
27.80
28.59
29.38
30.18
27.90
28.35
28.80
29.64
30.49
2१.25
30.10
29.70
30.57
37
26.42
26.24 26. 70 27.17 27.64
26.96 27,44 27.92
28.18 29.68
26.88
28.26
29.06
29.87
30.68
28.72
29.18
38
29.53
30.01
30.96 31.44
28.41
29.18
39
25.04
25.52
30. 35
30.85
31.34
31.83
32. 32
40
25.71
26.20
26.70
27.69
31.18
31.68
32.19
32.69
33. 20
41
26.39
27.06
27.14
26.89
27.40
27.91
28.41
29.15 29.67 30.19
29. 88 30.42
30.62 31.17 31.72
31.36 31.92 32.49
28.92 29.44
29.95
30.72
31.50
32.28
33.06
31.49 32.01
32.31 32.84
12.58 33,13 33.67
32.43 33.39 33.95 34.51
34.77 35. 35
30.97
31.25 31.78
32.04
30.46
32.52 33.04
33.90
31,17
34.22
34. 7A
35.07
35.63
35.92
36.50
33.56
34.08
42
27.58
28.10
28.62
34.44
34.97
43
28.27
28.81
29.34
30.96
35.31
35. 86
36. 76
37.66
44
28.42
28.97
29.52
30.07
36.19
45
29.11
29.67
30.23
30. 79
33.63 34.20
37.08
29.79
30.48
31.17 31.77
31.86 32.48 33.09
32.55
30.94
31.07 31.66
32.37
46
47
31.52
32.68
33.26
30. 36
32.10
32.84 33.44 34.03
33.59 34.20
33.84
34.43 35.01
35.23
36.03 36.65
35.60
35. 83 36.43
37.27
37.47 39.10
39.94
36.19
37.04
36.78
37.37
38.25
39.13
40.01
40.89
37.96
38. 86
19, 75
40.65
38.56
39.46
32.25
34.63
37.64
48
32.98
34.81
35.42
37. 88
3A. 74
39.59
38.50
39.37
40.37
41.29
42.20
49
33.71
34. 34
34.96
35.59
36.21
37.01
36.84
50
33.18
33.82
34.45
15.09
35. 73
36.37
37.65 38. 30
40.24
41.55
51
52
33.89
34.61
33.25
33.95
34.65
35.35
35. 84
34.54
35.27
36.00
35.19
36.49
37.15
37.81
38.46
39.12
39.96
29.79 40.45
4!.!!
41.99
41.7A
42.67
43.57
42.45
43.36
44.27
45.18
43.12
44.04
44.97
45,90
35.93
37.27
36.60
37.36 38.04 38.72 39.41
38.12
38.88
37.94
38.61
39.28
40.63
35. 32
41.11
42.17
53
36. 6H
37.42
38.17
40.10
40.79
41.48
42.87
36.73
37.46
54
40.92
41.74
36.04
38.82 39.52
40.22
41.63
42.33
43.04
43.75
44.47
45.37
55
36.05
36. 76
39,60 40.31
4t.03
42.47
43.19
43.91
44.64
46.10
46.83
36.76
37.47
56
37.48
38.20
39.45
47, 77
38.92
39. 68 40.42
40. 43 41.19 41.95 42.71
41.19
41.95
40.38 41.11
41.16 41.91
41.84
42.65
43.47
42.57 41.31
43.40
44.23
44.05
44.79
45.65
45.53
46.42
47.32
46.27
47.02
57
38.20
38.94
44.15
45.00
45.85
44.91
47.18
47.94
48.71
58
38.18 38.93
39.68
45.77
46.54
48.09
48.87
49.65
59
38.89
39.16
40.42
41.96 42. 14 43.51
42.74 43.53 44.32
49.80
50,73
44.29
45.07
46.64
47.42
48.21
49.01
50.60
60
39.61
40. 19
41.17
45.11
46.71
47.51
45.91
48.31
49.12
49.92
51.55
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