Bob Russell purchased a home theater system for $5200, paying $500 down. The balance was financed for 22 equal monthly payments, and Bob agreed to pay a $634 finance charge. Using the annual percentage.rate (APR) table, calculate the following. (Round all answers to the nearest hundredth.) 1. Amount financed: 2. Annual percentage rate (APR):
Bob Russell purchased a home theater system for $5200, paying $500 down. The balance was financed for 22 equal monthly payments, and Bob agreed to pay a $634 finance charge. Using the annual percentage.rate (APR) table, calculate the following. (Round all answers to the nearest hundredth.) 1. Amount financed: 2. Annual percentage rate (APR):
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...
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