Explanation Given Information: The financed amount is $ 1 , 860 , number of payment is 18 and monthly payment is $ 115.75 . Formula used: Follow the steps to compute the annual percentage rate using the APR table. Step 1 : The formula for finance charge per $ 100 can be computed: Finance charge per $100 = Finance charge × 100 Amount financed Step 2 : From table 13 - 1 , note the number of payment column to the number of payments for the loan. Step 3 : Note the right number of payment row to the table factor that is closely related to the finance charge per $ 100 . Total amount of installment payments = Amount financed + finance charge Step 4 : Look at the top of the column for the APR of the loan. Calculation: Consider that financed amount is $ 1 , 860 , number of payment is 18 and monthly payment is $ 115.75 . Compute the total amount of installment payments by substituting monthly payment and number of payments in the formula: Total amount of installment payments = monthly payment × number of monthly payments = $ 115.75 × 18 = $ 2 , 083

Contemporary Mathematics for Business and Consumers

7th Edition

ISBN: 9781285189758

Author: Robert Brechner, George Bergeman

Publisher: Cengage Learning

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Chapter 13.II, Problem 17RE

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To calculate: The finance charge, finance charge per $100 and annual percentage rate if financed amount is $1,860, number of payment is 18 and monthly payment is $115.75.

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Chapter 13.II, Problem 16RE

Chapter 13.II, Problem 18RE

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Chapter 13 Solutions

Contemporary Mathematics for Business and Consumers

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The finance charge, finance charge per $ 100 and annual percentage rate if financed amount is $ 1 , 860 , number of payment is 18 and monthly payment is $ 115.75 .

Solution Summary: The author calculates the finance charge per 100 and annual percentage rate using the APR table.

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To calculate: The finance charge, finance charge per $100 and annual percentage rate if financed amount is $1,860, number of payment is 18 and monthly payment is $115.75.

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Chapter 13 Solutions