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 $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.) %
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 $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.) %
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
Related questions
Question
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 $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.)
%
Transcribed Image Text:20. 87 21: 30
TABLE 13-1
Annual Percentage Rate (APR) Finance Charge per $100
ANNUAL PEACENT AG E RAT E TABLE FOR HONTHEY PAVNENT PLANS
SEE INSTRUCTIONS FOR USE OF TABLES
:李器103-
海MMUALPEACENTAGE演TE
“ 洲ER
OF
PAYHENTS 10.00x 10.25 105ox 10.75% 00% t-25% 11.50X 11.75% 12.00x 12.25% 12.50%12.75K 13.00X 13 25x 13.30% 13.75%
(FINANCE CHARGE FER $100 OF AMOUNT FINANCED)
注08
1:12
0. 90
1.35
D.92
1.38
0,94
1.41
0.05
湯06
1.50
2.01
2:51
3.02
69*1
2.30
1:25
2:09
2.62
2.11
2.72
2.22
2.26
1.n:
2.14
:2.58
2:25
270
2.46
2:96
2.57
3.08
2.67
3.21
209
本86
2,83
289
3.68.
3:3考
3.67
海,36
485
5.35
3.23
3.75
1.97
3.31
3.18
2-94
3.01
3.45
3.60
3.95
S. 03
5. 60
4.46
*. 65
ち13
學:
海21
1.98
549
も。05
5.82
:海75
s.23
*. 53
5.07
*. 32
4.76
S.82
3.94
5.71
6.20
5.84
6,34
:6.84
7.34
も
1:04
李59
6:75 6 88
1:32
7.90
5:58
も36
b.23
も。76
7:29
7,82
B.36
6.48
も99
1.50
7:18
1.15
12
$.78
6.23
港20
.93
6.36
る。80
6.53
7.0
7.49
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6.68
799
7.66
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卷
9:23
14
6,52
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714 1.32
7.66
8.53
9.04
9.56
10.08
10.60
1.27 946
1003
洋0:61
11:18
1.16
9,64
10.73
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11.44
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10.43
T0.63
漢03
11.2*
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尊。
7,97.
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.06
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18
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12:93
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14.9815 28
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11:36 1161
12.16
12. 10
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11.10:
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10:39
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11.77
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13.22
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13,971*29 14.69
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13.18
27.
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12 53
12.98
注 378: 14.13
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15,35 1570
15.89
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16.72
16:38
16,47
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注 :
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24.56.
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24*五
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23.58
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2 学。
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24,69
26.94
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27:5928:1928,80. 29.41
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21.74
22.21
21:35
21.83
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22 80
22692 学 369
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22.97
23.48
23.9924. 58 25:18
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23.01
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23.57
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30.68
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24.4025 02 2564
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31,29
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25.53 26.17281
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29.13
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..'..'.
Transcribed Image Text:TABLE 13-1
Annual Percentage Rate (APR) Finance Charge per $100 (continued)
ANNUAL PERCENTAGE RATE T1BLE FOR HONTHLY CAYMFNT PLANS
SEE INSTRUCTIONS FOR USE OF TABLES
津A5-I04-M
NUMBER
OF
FAYNENTS4u00%.14.25%。50%.5%15.00%:1与25% 15:50舞15%16.00% 16.25% 16:50% 16-75% 90%1725%17,50x 5%.
消NNUSL PEACENTACE:AA洋E
(FTNANCE CHARGE PER 1100 OF AMOUNT FINANCEDI.
1.29
1.94
2.51 2.55 2.59
3,25
3,91
1.35
2.04
:深海 .72.
1.25
1.27
1.91
13:40
210
2 a0
3.51
*.23
1.44
2.16
t. 89.
119
1.78:
1.21
t.82
2.43
3.04
365
1:23
1:31
197
2,19
2.93
2.22
2.97:
2.00
2.85
3:57
4:29
2016
2:34 2. 36
2.93
2599
3:53
3. 59
247
海09
3. 12
D:14 3.20
330
3.97
3,62
+.35 42
3,84
4.10
。79 4,下:
5.02
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:も48
7.22
7.96 8:08 819
4.27
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5,92
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t.32
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4:72
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4,20
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5.42
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6.53 6.65
4.57
5.23
5.90
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6:00
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6. 19
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6.11
1.54
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5.06
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5.51
备。14 25
6.88
5,80
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748 760
:7月4
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8:05
8.44
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16.31
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