Wesley Mouch's auto loan requires monthly payments and has an effective annual rate of 6.43%. The APR on this auto loan is closest to: a. 6.50% b. 6.00% c. 6.25% d. 6.62%
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- rive loan is below. Payments of $1,987.26 are made monthly. Payment # Payment 1 1,987.26 2 1,987.26 3 1,987.26 Interest Debt Payment Balance 1,604.17 383.09 1,602.41 384.85 1,600.65 386.61 Provide your answer below: X Y Z Calculate the value of z, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.Calculating the APR on simple interest and discount loans Find the finance charges on a 8.4 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Assume that the loan amount requested is $1,000. Round your answer to the nearest cent.$ Determine the APR in this case. Round your answer to two decimal places. % Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent.$ Determine the APR in this case. Round your answer to two decimal places. %Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Monthly Payment Amount Number of Table Finance APR Financed Payments Factor Charge $800 18 16% $ 15.91 $ 50.29 $ 105.22
- Please correct answer this questionThe First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is less than $20,000. Express your answer as a percentage rounded to the nearest hundredth of a percent, if necessary. First Bank of Lending Loan APR Loan Amount APR* <$20,000 12.25% $20,000–$99,999 9.99% >$99,999 6.75%A financing company charges 1.5% per month on a loan. Find the equivalent effective rate of interest. 19.5618% 18.5618% 17.5618% 16.5618%
- Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $700 18 16% $ $ $Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $800 18 16% $ $ $For the following loan, find (a) the finance charge and (b) the APR. Use the accompanying table to find the APR to the nearest 0.5%. Joel financed a $1555 computer with 24 monthly payments of $70.32 each. Click the icon to view the annual percentage rate table. (a) The finance charge is $ (Round to the nearest cent as needed.) APR Table Number of Monthly Payments (n)| 6 12 18 24 30 36 48 | 60 4.0% 4.5% 5.0% 5.5% 1.17 2.18 3.20 1.32 1.46 2.45 2.73 3.60 4.00 5.29 6.59 7.90 4.22 4.75 5.25 5.92 6.29 7.09 8.38 9.46 10.54 10.50 11.86 13.23 Annual Percentage Rate (APR) for Monthly Payment Loans Annual Percentage Rate (APR) 3.53 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% Finance Charge per $100 of Amount Financed (h) 1.61 1.76 1.90 2.05 2.20 2.35 2.49 2.64 2.79 2.94 3.08 3.23 3.38 3.00 3.28 3.56 3.83 4.11 4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62 4.41 4.82 5.22 5.63 6.04 6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77 5.83 6.37 6.91 7.45 8.00 8.55 9.09 9.64 10.19 10.75 11.30 11.86 12.42 12.98 7.29…
- Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $17,950 48 $523.47 $ $ %Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $17,910 48 $550.47 $ $ %Your credit card company charges you 1.45 percent per month. What is the EAR on your credit card?Multiple ChoiceA 16.53%B 18.13% C 18.86%D 17.40%E 19.80%