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Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1.) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent.       Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $5,673 $1,223 48   $5,729.76

Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1.) Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent.       Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $5,673 $1,223 48   $5,729.76

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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29. Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1.)

Note: Do not round intermediate calculations. Round the Finance charge to the nearest cent.

 

 
 
Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR
$5,673 $1,223 48   $5,729.76    

TABLE 14.1

ANNUAL PERCENTAGE RATE
NUMBER OF PAYMENTS 10.00% 10.251% 10.50% 10.75% 11.00% 11.25% 11.50% 11.75% 12.00% 12.25% 12.50% 12.75% 13.00% 13.25% 13.50 13.75%
(FINANCE CHARGE PER $100 OF AMOUNT FINANCED)
1 0.83 0.85 0.87 0.90 0.92 0.94 0.96 0.98 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.15
2 1.25 1.28 1.31 1.35 1.38 1.41 1.44 1.47 1.50 1.53 1.57 1.60 1.63 1.66 1.69 1.72
3 1.67 1.71 1.76 1.80 1.84 1.88 1.92 1.96 2.01 2.05 2.09 2.13 2.17 2.22 2.26 2.30
4 2.09 2.14 2.20 2.25 2.30 2.35 2.41 2.46 2.51 2.57 2.62 2.67 2.72 2.78 2.83 2.88
5 2.51 2.58 2.64 2.70 2.77 2.83 2.89 2.96 3.02 3.08 3.15 3.21 3.27 3.34 3.40 3.46
6 2.94 3.01 3.08 3.16 3.23 3.31 3.39 3.45 3.53 3.60 3.68 3.75 3.83 3.90 3.97 4.05
7 3.36 3.45 3.53 3.62 3.70 3.78 3.87 3.95 4.04 4.12 4.21 4.29 4.38 4.47 4.55 4.64
8 3.79 3.88 3.98 4.07 4.17 4.26 4.36 4.46 4.55 4.65 4.74 4.84 4.94 5.03 5.13 5.22
9 4.21 4.32 4.43 4.53 4.64 4.75 4.85 4.96 5.07 5.17 5.28 5.39 5.49 5.60 5.71 5.82
10 4.64 4.76 4.88 4.99 5.11 5.23 5.35 5.46 5.58 5.70 5.82 5.94 6.05 6.17 6.29 6.41
11 5.07 5.20 5.33 5.45 5.58 5.71 5.84 5.97 6.10 6.23 6.36 6.49 6.62 6.15 6.88 7.01
12 5.50 5.64 5.78 5.92 6.06 6.20 6.34 6.48 6.62 6.76 6.90 7.04 7.18 7.32 7.46 7.60
13 5.93 6.08 6.23 6.38 6.53 6.68 6.84 6.99 7.14 7.29 7.44 7.59 7.75 1.90 8.05 8.20
14 6.36 6.52 6.69 6.85 7.01 7.17 7.34 7.50 7.66 7.82 7.99 8.15 8.31 8.48 8.64 8.81
15 6.80 6.97 7.14 7.32 7.49 7.66 7.84 8.01 8.19 8.36 8.53 8.11 8.88 9.06 9.23 9.41
16 7.23 7.41 7.60 7.78 7.97 8.15 8.34 8.53 8.71 8.90 9.08 9.27 9.46 9.64 9.83 10.02
17 7.67 7.86 8.06 8.25 8.45 8.65 8.84 9.04 9.24 9.44 9.63 9.83 10.03 10.23 10.43 10.63
18 8.10 8.31 8.52 8.73 8.93 9.14 9.35 9.56 9.77 9.98 10.19 10.40 10.61 10.82 11.03 11.24
19 8.54 8.76 8.98 9.20 9.42 9.64 9.86 10.08 10.30 10.52 10.74 10.96 11.18 11.41 11.63 11.85
20 8.98 9.21 9.44 9.67 9.90 10.13 10.37 10.60 10.83 11.06 11.30 11.53 11.76 12.00 12.23 12.46
21 9.42 9.66 9.90 10.15 10.39 10.63 10.88 11.12 11.36 11.61 11.85 12.10 12.34 12.59 12.84 13.08
22 9.86 10.12 10.37 10.62 10.88 11.13 11.39 11.64 11.90 12.16 12.41 12.67 12.93 13.19 13.44 13.10
23 10.30 10.57 10.84 11.10 11.37 11.63 11.90 12.17 12.44 12.71 12.97 13.24 13.51 13.78 14.05 14.32
24 10.75 11.02 11.30 11.58 11.86 12.14 12.42 12.70 12.98 13.26 13.54 13.82 14.10 14.38 14.66 14.95
25 11.19 11.48 11.77 12.06 12.35 12.64 12.93 13.22 13.52 13.81 14.10 14.40 14.69 14.98 15.28 15.57
26 11.64 11.94 12.24 12.54 12.85 13.15 13.45 13.75 14.06 14.36 14.67 14.97 15.28 15.59 15.89 16.20
27 12.09 12.40 12.71 13.03 13.34 13.66 13.97 14.29 14.60 14.92 15.24 15.56 15.87 16.19 16.51 16.83
28 12.53 12.86 13.18 13.51 13.84 14.16 14.49 14.87 15.15 15.48 15.81 16.14 16.47 16.80 17.13 17.46
29 12.98 13.32 13.66 14.00 14.33 14.67 15.01 15.35 15.70 16.04 16.38 16.72 17.07 17.41 17.75 18.10
30 13.43 13.78 14.13 14.48 14.83 15.19 15.54 15.89 16.24 16.60 16.95 17.31 17.66 18.02 18.38 18.74
31 13.89 14.25 14.61 14.97 15.33 15.10 16.06 16.43 16.79 17.16 17.53 17.90 18.27 18.63 19.00 19.38
32 14.34 14.71 15.09 15.46 15.84 16.21 16.59 16.97 17.35 17.73 18.11 18.49 18.87 19.25 19.63 20.02
33 14.79 15.18 15.57 15.95 16.34 16.73 17.12 17.51 17.90 18.29 18.65 19.08 19.47 19.87 20.26 20.66
34 15.25 15.65 16.05 16.44 16.85 17.25 17.65 18.05 18.46 18.86 19.27 19.67 20.08 20.49 20.90 21.31
35 15.70 16.11 16.53 16.94 17.35 17.77 18.18 18.60 19.01 19.43 19.85 20.27 20.69 21.11 21.53 21.95
36 16.16 16.58 17.01 17.43 17.86 18.29 18.71 19.14 19.57 20.00 20.43 20.87 21.30 21.73 72.17 22.60
37 16.62 17.06 17.49 17.93 18.37 18.81 19.25 19.69 20.13 20.58 21.02 21.46 21.91 22.36 22.81 23.25
38 17.08 11.53 17.98 18.43 18.88 19.33 19.78 20.24 20.69 21.15 21.61 22.07 22.52 22.99 23.45 23.91
39 17.54 18.00 18.46 18.93 19.39 19.86 20.32 20.79 21.26 21.73 22.20 22.67 23.14 23.61 24.09 24.56
40 18.00 18.48 18.95 19.43 19.90 20.38 20.86 21.34 21.82 22.30 22.79 23.27 23.76 24.25 74.73 25.22
41 18.47 18.95 19.44 19.93 20.42 20.91 21.40 21.89 22.39 22.88 23.38 23.88 24.38 24.88 25.38 25.88
42 18.93 19.43 19.93 20.43 20.93 21.44 21.94 22.45 22.96 23.47 23.98 24.49 25.00 25.51 26.03 26.55
43 19.40 19.91 20.42 20.94 21.45 21.97 22.49 23.01 23.53 24.05 24.51 25.10 25.62 26.15 26.68 27.21
44 19.86 20.39 20.91 21.44 21.97 22.50 23.03 23.57 24.10 24.64 25.17 25.71 26.25 26.79 27.33 27.88
45 20.33 20.87 21.41 21.95 22.49 23.03 23.58 24.12 24.61 25.22 25.77 26.32 26.88 27.43 27.99 28.55
46 20.80 21.35 21.90 22.46 23.01 23.57 24.13 24.69 25.25 25.81 26.37 26.94 27.51 28.08 28.65 29.22
47 21.27 21.83 22.40 22.97 23.53 24.10 24.68 25.25 25.82 26.40 26.98 27.56 28.14 28.72 29.31 29.89
48 21.74 22.32 22.90 23.48 24.06 24.64 25.23 25.81 26.40 26.99 27.58 28.18 28.77 29.37 29.97 30.51
49 22.21 22.80 23.39 23.99 24.58 25.18 25.78 26.38 26.98 27.59 28.19 28.80 29.41 30.02 30.63 31.24
50 22.69 23.29 23.89 24.50 25.11 25.72 26.33 26.95 27.56 28.18 28.80 29.42 30.04 30.67 31.29 31.92
51 23.16 23.78 24.40 25.02 25.64 26.26 26.89 27.52 28.15 28.78 29.41 30.05 30.68 31.32 31.96 32.60
52 23.64 24.27 24.90 25.53 26.11 26.81 27.45 28.09 28.73 29.38 30.02 30.67 31.32 31.98 32.61 33.29
53 24.11 24.16 25.40 26.05 26.70 27.35 28.00 28.66 29.32 29.98 30.64 31.30 31.97 12.63 33.30 33.97
54 24.59 25.25 25.91 26.57 27.23 27.90 28.56 29.23 29.91 30.58 31.25 31.93 32.61 33.29 33.98 34.66
55 25.07 25.74 26.41 27.09 27.17 28.44 29.13 29.81 30.50 31.18 31.87 32.56 33.26 33.95 34.65 35.35
56 25.55 26.23 26.92 27.61 28.30 28.99 29.69 30.39 31.09 31.79 37.49 33.20 33.91 34.62 35.33 36.04
57 26.03 26.73 27.43 28.13 28.84 29.54 30.25 30.97 31.68 32.39 33.11 33.83 34.56 35.28 36.01 36.74
58 26.51 27.23 27.94 28.66 29.31 30.10                    
                                 
                                 
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