Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)
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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Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)
Transcribed Image Text:Amount Number of Monthly
Financed Payments Payment
$13,000
36
$467.00
$
Finance
Charge
Finance Charge
per $100
APR
%
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