For the following loan, find (a) the finance charge and (b) the APR. Use the accompanying table to find the APR to the nearest 0.5%. Joel financed a $1555 computer with 24 monthly payments of $70.32 each. Click the icon to view the annual percentage rate table. (a) The finance charge is $. (Round to the nearest cent as needed.) APR Table Number of Monthly Payments (n) 6 12 18 24 30 36 48 60 ... 4.0% 4.5% 5.0% Annual Percentage Rate (APR) for Monthly Payment Loans Annual Percentage Rate (APR) 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 1.17 1.32 1.46 1.61 1.76 3.00 3.28 2.18 2.45 2.73 3.60 4.00 4.22 4.75 5.29 3.20 5.63 Finance Charge per $100 of Amount Financed (h) 1.90 2.05 2.20 2.35 2.49 2.64 2.79 2.94 3.08 3.23 3.38 3.53 3.56 3.83 4.11 4.39 4.66 4.94 5.22 5.50 5.78 6.06 6.34 6.62 4.41 4.82 5.22 6.04 6.45 6.86 7.28 7.69 8.10 8.52 8.93 9.35 9.77 5.83 6.37 6.91 8.55 9.09 9.64 10.19 10.75 10.75 11.30 11.86 12.42 12.98 5.25 5.92 6.59 7.29 7.94 8.61 9.30 9.98 10.66 11.35 12.04 12.74 13.43 14.13 14.83 15.54 16.24 6.29 7.09 7.90 8.71 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16 17.01 17.86 18.71 19.57 8.38 9.46 10.54 11.63 12.73 13.83 14.94 16.06 17.18 18.31 19.45 20.59 21.74 22.90 24.06 25.23 26.40 10.50 11.86 13.23 14.61 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48 28.96 30.45 31.96 33.47 7.45 8.00 - X L

Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $280,000 3.50% 25 $  $6,573 $2,156 $

Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 13% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly payment     $   total interest     $  (b) if payments are made biweekly payment     $  total interest     $