#39, 42, 51, 52, 53, 54Sorry for all the questions, I just hate paying 3 dollars per question. Thank you for the help.

520 CHAPTER 11 The Nature of Financial Management 50. What is the APR for a $500 payday loan that is repaid in five 37. Make a 10% offer on a Saturn that has a sticker price of days? $19,895 and a dealer cost of $17,250. 38. Make a 10% offer on a Nissan Pathfinder that has a sticker For each of the car loans described in Problems 51-54, give the price of $32, 129 and a dealer cost of $28,916. following information. a. Amount to be paid b. Amount of interest Level 2 c. Interest rate Find the APR ( rounded to the nearest tenth of a percent) for each d. APR (rounded to the nearest tenth of a percent) of the loans described in Problems 39-42. 51. A newspaper advertisement offers a $9,000 car for nothing 39. Purchase a living room set for $3,600 at 12% add-on interest down and 36 easy monthly payments of $317.50. for 3 years. 62. A newspaper advertisement offers a $4,000 used car for 40. Purchase a stereo for $2,500 at 13% add-on interest for 2 years. nothing down and 36 easy monthly payments of $141.62. 41. Purchase an oven for $650 at 11% add-on interest for 2 years. 53. A car dealer will sell you a used car for $6,798 with $798 42. Purchase a refrigerator for $2, 100 at 14% add-on interest for down and payments of $168.51 per month for 48 months. 3 years. 54. A car dealer will sell you the $30,450 car of your dreams for $6,000 down and payments of $662.06 per month for 60 months. Assume the cars in Problems 43-46 can be purchased for 0% down for 60 months (in lieu of rebate). 55. A car dealer carries out the following calculations: List price $5,368.00 a. Find the monthly payment if financed for 60 months at Options $1,625.00 0% APR Destination charges $ 200. b. Find the monthly payment if financed at 2.5% add-on Subtotal $7, 193.00 interest for 60 months. Tax $ 431.58 c. Use the APR approximation formula for part b. Less trade-in $2,932.00 d. State whether the 0% APR or the 2.5% add-on rate should Amount to be financed $4,692.58 be preferred. 8% interest for 48 months $1,501.63 43. A Dodge Ram that has a sticker price of $20,650 with factory Total $6, 194.21 and dealer rebates of $2,000 MONTHLY PAYMENT $ 129.05 44. A BMW that has a sticker price of $62,490 with factory and What is the annual percentage rate? dealer rebates of $6,000 56. A car dealer carries out the following calculations: 45. A car with a sticker price of $42,700 with factory and dealer List price $15,428.00 rebates of $5, 100 Options $ 3,625.00 46. A car with a sticker price of $36,500 with factory and dealer Destination charges $ 350.00 Subtotal rebates of $4,200 $19,403.00 Tax $ 1,164.18 Less trade-in $ 7,950.00 Level 3 Amount to be financed $12,617.18 5% interest for 48 months A payday loan provides short-term loans ranging from $250 to $ 2,523.44 Total $2,000. In Problems 47-50, assume the cost of the loan is $1.00 $15,140.62 MONTHLY PAYMENT per day per $100 borrowed until the loan is repaid. $ 315.43 What is the annual percentage rate? Problem Solving Level 3 PAYDAY 57. The finance charge statement on a Sears Revolving Charge Card statement is shown here. Why do you suppose that the LOANS limitation on the 50c finance charge is for amounts less than $28.50? Nick Anderson's Editorial Cartoons /The Cartoonist Group SEARS ROEBUCK AND CO. SEARSCHARGE SECURITY AGREEMENT 4. FINANCE CHARGE. If I do not pay the entire New Balance within 30 days (28 days for February statements) of the monthly billing date, a FINANCE CHARGE will be added to the account for the current monthly billing period. THE FINANCE 47. What is the cost of a $600 payday seven-day loan? CHARGE will be either a minimum of $0.50 if the Average Daily Balance is $28.50 or less, or a 48. What is the cost of a $750 payday two-week loan? periodic rate of 1.75% per month (ANNUAL 49. What is the APR for a payday loan? PERCENTAGE RATE of 21%) on the Average Daily Balance