Explanation Given Information: The annual percentage rate (APR) is 16.5 % , installment loan is for 30 months and amount financed is $ 3 , 875 . 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-payments 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 16.5 % , installment loan is for 30 months and amount financed is $ 3 , 875 . The table factor at the intersection of 16.5 % APR column and 30 payments row is $ 22

8th Edition

ISBN: 9781305888715

Author: Brechner

Publisher: CENGAGE LEARNING - CONSIGNMENT

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Chapter 13.II, Problem 32RE

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To calculate: The table factor, finance charge and monthly payment if annual percentage rate (APR) is 16.5%, installment loan is for 30 months and amount financed is $3,875.

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Chapter 13.II, Problem 31RE

Chapter 13.II, Problem 33RE

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The table factor, finance charge and monthly payment if annual percentage rate (APR) is 16.5 % , installment loan is for 30 months and amount financed is $ 3 , 875 .

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 16.5%, installment loan is for 30 months and amount financed is $3,875.

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