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.) Amount Financed Number of Payments APR Table Factor Finance Charge Monthly Payment $9,400 36 13% $ ____ $____ $ ____
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.) Amount Financed Number of Payments APR Table Factor Finance Charge Monthly Payment $9,400 36 13% $ ____ $____ $ ____
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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.)
| Amount Financed |
Number of Payments |
APR | Table Factor |
Finance Charge |
Monthly Payment |
|---|---|---|---|---|---|
| $9,400 | 36 | 13% | $ ____ | $____ | $ ____ |
Expert Solution
Step 1
When a loan is repaid through equally monthly payment, the monthly payment includes interest and principal part in it. By the end of the loan term, the entire principle of the loan is repaid along with the interest.
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