Explanation Given Information: The annual percentage rate (APR) is 13.5 % , installment loan for 48 months and amount finances is $ 5 , 000 . Formula used: Follow the steps to compute the finance charge and monthly payment through APR tables. Step 1 : Through APR table, scan the table factor at the intersection of the APR column and the number-of-payment row. This will represent the finance charge per $ 100 financed. Step 2 : Compute the total charge by multiplying the amount financed with the table factor, then dividing the amount by 100 . Finance charge = Amount financed × Table factor 100 Step 3 : Compute the monthly payment by adding the amount financed with the finance charge and then dividing it by number of months of the loan, Monthly payment = Amount financed + Finance charge Number of months of the loan Calculation: Consider that annual percentage rate (APR) is 13.5 % , installment loan for 48 months and amount financed is $ 5 , 000 . The table factor at the intersection of 13.5 % APR column and 48 payments row is $ 29

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

8th Edition

ISBN: 9781337125468

Author: Brechner

Publisher: Cengage

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Chapter 13.II, Problem 27RE

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To calculate: The table factor, finance charge and monthly payment if annual percentage rate (APR) is 13.5%, installment loan for 48 months and amount financed is $5,000.

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Chapter 13.II, Problem 26RE

Chapter 13.II, Problem 28RE

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Chapter 13 Solutions

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

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The table factor, finance charge and monthly payment if annual percentage rate (APR) is 13.5 % , installment loan for 48 months and amount financed is $ 5 , 000 .

Solution Summary: The author calculates the table factor, finance charge, and monthly payment using APR tables.

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To calculate: The table factor, finance charge and monthly payment if annual percentage rate (APR) is 13.5%, installment loan for 48 months and amount financed is $5,000.

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Chapter 13 Solutions