Meghan Pease purchased a small sailboat for $8,350. She made down payment of $1,300 and financed the balance with monthly payments of $232.38 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 down payment of $1,300 and financed the balance with monthly payments of $232.38 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
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 $232.38 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:ANNUAL PERCENTAGE RATE
NUMBER
OF
PAYMENTS 10.00% 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%
(FINANCE CHARGE PER $100 OF AMOUNT FINANCED)
0.96 0.98 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.15
1.44 1.47 1.50 1.53 1.57 1.60 1.63 1.66 1.69
1.92 1.96 2.01 2.05 2.09
2.41 2.46 2.51 2,57 2.62
2.89 2.96 3.02 3.08 3.15
2.94 3.01 3.08 3.16 3.23 3.31 3.38 3.45 3.53 3.60 3.68 3.75 3.83 3.90
3.36 3.45 3.53 3.62 3.70 3.78 3.87 3.95 4.04 4.12 4.21 4.29 4.38 4.47
3.79 3.88 3.98 4.07 4.17 4.26 4.36 4.46 4.55 4.65 4.74 4.84 4.94 5.03 5.13
4.21 4.32 4.43 4.53 4.64 4.75 4.85 4.96 5.07 5.17 5.28 5.39 5.49 5.60 5.71
4.76 4.88
4.99
5.11 5.23 5.35 5.46 5.58 5.70 5.82 5.94 6.05 6.17 6.29
1.72
2.30
2.88
3.46
2.13 2.17 2.22 2.26
2.67 2.72 2.78 2.83
3.21 3.27 3.34 3.40
3.97
4.05
4.55 4.64
5.22
5.82
4.64
6.41
1234
6
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
我
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
0.83 0.85
1.25 1.28
1.67 1.71
2.09 2.14
2.51 2.58
0.87 0.90
1.31
1.35
1.76 1.80
2.20
2.64
2.25 2.30
2.70 2.77
0.92 0.94
1.38 1.41
1.84 1.88
2.35
2.83
5.07 5.20 5.33 5.45 5.58 5.71 5.84
5.50 5.64 5.78 5.92 6.06 6.20 6.34
5.93 6.08 6.23 6.38 6.53 6.68 6.84
6.36 6.52 6.69 6.85 7.01 7.17 7.34
6.80 6.97 7.14 7.32 7.49 7.66 7.84
7.23 7.41 7.60 7.78 7.97
8.15 8.34
8.53 8.71 8.90
7.67 7.86 8.06 8.25 8.45 8.65 8.84 9.04 9.24 9.44
8.10 8.31 8.52 8.73 8.93
9.14
9.35 9.56 9.77
9.98
9.20 9.42 9.64 9.86 10.08 10.30 10.52
10.13 10.37 10.60
8.54
8.76
8.98
8.98
9.21
9.44
9.67
9.90
10.83 11.06
11.64 11.94 12.24 12.54
12.09 12.40 12.71 13.03
12.53 12.86 13.18 13.51
12.98 13.32 13.66 14.00
13.43 13.78 14.13 14.48
5.97 6.10 6.23 6.36
6.49
6.62
6.48 6.62 6.76 6.90 7.04 7.18
6.99 7.14 7.29 7.44 7.59 7.75
7.50 7.66 7.82 7.99 8.15 8.31
8.01
8.19 8.36 8.53 8.71 8.88
13.89 14.25
14.61 14.97
15.33 15.70
14.34 14.71 15.09 15.46 15.84 16.21
14.79 15.18 15.57 15.95 16.34 16.73
15.25 15.65
16.05 16.44 16.85 17.25
15.70 16.11 16.53 16.94 17.35 17.77
18.47 18.95 19.44 19.93
18.93 19.43 19.93 20.43
19.40 19.91 20.42 20.94
19.86 20.39 20.91 21.44
20.33 20.87 21.41 21.95
9.42 9.66 9.90 10.15 10.39 10.63 10.88 11.12 11.36 11.61 11.85 12.10 12.34 12.59 12.84 13.08
9.86
10.12 10.37 10.62 10.88 11.13 11.39 11.64 11.90 12.16 12.41 12.67 12.93 13.19 13.44 13.70
10.30 10.57 10.84 11.10 11.37 11.63 11.90 12.17 12.44 12.71 12.97 13.24 13.51 13.78 14.05 14.32
10.75 11.02 11.30 11.58 11.86 12.14 12.42 12.70 12.98 13.26 13.54 13.82 14.10 14.38 14.66 14.95
11.19 11.48 11.77 12.06 12.35 12.64 12.93 13.22 13.52 13.81 14.10 14.40 14.69 14.98 15.28 15.57
16.06 16.43
16.59 16.97
17.12 17.51
17.65 18.05
18.18 18.60
16.16 16.58 17.01 17.43 17.86 18.29 18.71 19.14
16.62 17.06 17.49 17.93 18.37 18.81 19.25 19.69
17.08 17.53 17.98 18.43 18.88 19.33 19.78 20.24
17.54 18.00 18.46 18.93 19.39 19.86 20.32 20.79
18.00 18.48 18.95 19.43 19.90 20.38 20.86 21.34
12.85 13.15 13.45 13.75 14.06 14.36 14.67 14.97 15.28 15.59 15.89
13.34 13.66 13.97 14.29
14.60 14.92
15.24 15.56 15.87 16.19 16.51
13.84 14.16 14.49 14.82 15.15 15.48 15.81 16.14 16.47 16.80 17.13
14.33 14.67 15.01 15.35 15.70 16.04 16.38 16.72 17.07 17.41 17.75
14.83 15.19 15.54 15.89 16.24 16.60 16.95 17.31 17.66 18.02 18.38
9.08 9.27 9.46
9.63 9.83 10.03
10.19 10.40 10.61
10.74 10.96 11.18
11.30 11.53 11.76
6.75
6.88 7.01
7.32 7.46 7.60
7.90 8.05 8.20
8.48 8.64 8.B1
9.06 9.23 9.41
9.64
9.83 10.02
10.23 10.43 10.63
10.82 11.03 11.24
11.41 11.63 11.85
12.00 12.23 12.46
23.16 23.78 24.40 25.02 25.64 26.26 26.89 27.52
23.64 24.27 24.90 25.53 26.17 26.81 27.45 28.09
24.11 24.76 25.40 26.05 26.70
24.59 25.25 25.91 26.57 27.23
25.07 25.74 26.41 27.09 27.77
19.00
16.79 17.16 17.53 17.90 18.27 18.63
17.35 17.73 18.11 18.49 18.87 19.25 19.63
17.90 18.29 18.69 19.08 19.47 19.87 20.26
19.27 19.67 20.08 20.49 20.90
19.85 20.27 20.69 21.11 21.53
18.46 18.86
19.01 19.43
20.80 21.35 21.90 22.46 23.01 23.57 24.13 24.69 25.25
21.27 21.83 22.40 22.97 23.53 24.10 24.68 25.25
21.74 22.32 22.90 23.48 24.06 24.64 25.23 25.81
22.21 22.80 23.39 23.99 24.58 25.18 25.78 26.38
22.69 23.29 23.89 24.50 25.11 25.72 26.33 26.95
16.20
16.83
17.46
18.10
18.74
19.38
20.02
20.66
21.31
21.95
22.60
19.57 20.00 20.43 20.87 21.30 21.73 22.17
20.13 20.58 21.02 21.46 21.91 22.36 22.81 23.25
20.69 21.15 21.61 22.07 22.52 22.99 23.45 23.91
21.26 21.73 22.20 22.67 23.14 23.61 24.09 24.56
21.82 22.30 22.79 23.27 23.76 24.25 24.73 25.22
20.42 20.91 21.40 21.89 22.39 22.88 23.38 23.88 24.38 24.88 25.38 25.88
20.93 21.44 21.94 22.45 22.96 23.47 23.98 24.49 25.00 25.51 26.03 26.55
21.45 21.97 22.49 23.01 23.53 24.05 24.57 25.10 25.62 26.15 26.6A 27.21
21.97 22.50 23.03 23.57 24.10 24.64 25.17 25.71 26.25 26.79
27.33
22.49 23.03 23.58 24.12 24.67 25.22 25.77 26.32 26.88 27.43 27.99
27.88
28.55
25.81 26.37 26.94 27.51 28.08 28.65
29.22
25.82 26.40 26.98 27.56 28.14 28.72 29.31 29.89
26.40 26.99 27.58 28.18 28.77 29.37 29.97 30.57
26.98 27.59 28.19 28.80 29.41 30.02 30.63 31.24
27.56 28.18 28.80 29.42 30.04 30.67 31.29 31.92
28.15 28.78 29.41 30.05 30.68 31.32 31.96 32.60
28.73 29.38 30.02 30.67 31.32 31.98 32.63 33.29
27.35 28.00 28.66 29.32 29.98 30.64 31.30 31.97 32.63 33.30 33.97
27.90 28.56 29.23 29.91 30.58 31.25 31.93 32.61 33.29 33.98 34.66
28.44 29.13 29.81 30.50 31.18 31.87 32.56 33.26 33.95 .65 35.35
25.55 26.23 26.92 27.61 28.30 28.99 29.69 30.39 31.09 31.79 32.49 33.20 33.91 34.62 35.33 36.04
26.03 26.73 27.43 28.13 28.84 29.54 30.25 30.97 31.68 32.39 33.11 33.83 34.56 35.28 36.01 36.74
26.51 27.23 27.94 28.66 29.37 30.10 30.82 31.55 32.27 33.00 33.74 34.47
35.21 35.95 36.69 37.43
27.00 27.72 28.45 29.18 29.91 30.65 31.39 32.13 32.87 33.61 34.36 35.11 35.86 36.62 37.37 38.13
29.71 30.45 31.20 31.96 32.71 33.47 34.23 34.99 35.75 36.52 37.29 38.06 38.83
27.48 28.22 28.96
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education