Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
7 10
a) Determine the APR on the installment loan. APR= % (Type an integer or a decimal.) b) How much interest will Jeslie Ann save by paying off the loan early? Jeslie Ann will save $. (Round to the nearest cent as needed.) c) What is the total amount due to pay off the loan? The payoff amount is $. (Type an integer or a decimal.)
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Transcribed Image Text:a) Determine the APR on the installment loan. APR= % (Type an integer or a decimal.) b) How much interest will Jeslie Ann save by paying off the loan early? Jeslie Ann will save $. (Round to the nearest cent as needed.) c) What is the total amount due to pay off the loan? The payoff amount is $. (Type an integer or a decimal.)
54 Jeslie Ann has a 48-month installment loan with a fixed monthly payment of $73.69. The amount she borrowed was $3200. Instead of making her 12th payment, Jeslie Ann is paying off the remaining balance of the loan. Answer parts a) through c) below. Number of Payments 30 36 48 4.0% 5.25 6.29 8.38 Annual Percentage Rate (Finance charge per $100 of amount financed) a) Determine the APR on the installment loan. APR= % (Type an integer or a decimal.) 4.5% 5.92 7.09 5.0% 9.46 6.59 7.90 5.5% 10.54 7.26 8.71 11.63
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Transcribed Image Text:54 Jeslie Ann has a 48-month installment loan with a fixed monthly payment of $73.69. The amount she borrowed was $3200. Instead of making her 12th payment, Jeslie Ann is paying off the remaining balance of the loan. Answer parts a) through c) below. Number of Payments 30 36 48 4.0% 5.25 6.29 8.38 Annual Percentage Rate (Finance charge per $100 of amount financed) a) Determine the APR on the installment loan. APR= % (Type an integer or a decimal.) 4.5% 5.92 7.09 5.0% 9.46 6.59 7.90 5.5% 10.54 7.26 8.71 11.63
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