Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the

image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribed

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.)

Amount Financed

Number of Payments

Monthly Payment

Finance Charge

Finance Charge per $100

APR

$13,000

36

$454.00

$

$

%

Hanks Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,300. On October 4 they made a payment of $1,200. On October 13 the business borrowed $2,700, and on October 19 they borrowed $4,200. If the current prime rate is 8%, what is the new balance (in $ )? (Round your answer to the nearest cent.) $ Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $ ) for the following installment loan. Calculate the amount financed, the finance charge, and the monthly payments (in $ ) for the addon interest loan. (Round your answers to the nearest cent.) Hanks Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,300. On October 4 they made a payment of $1,200. On October 13 the business borrowed $2,700, and on October 19 they borrowed $4,200. If the current prime rate is 8%, what is the new balance (in $ )? (Round your answer to the nearest cent.) $ Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $ ) for the following installment loan. Calculate the amount financed, the finance charge, and the monthly payments (in $ ) for the addon interest loan. (Round your answers to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategy For Personal Finance

Authors: Larry R. Lang

4th Edition

007036317X, 9780070363175

More Books

Students also viewed these Finance questions

Question

5. What podcasts do you regularly listen to?

Answered: 1 week ago

Question

In which of the following environments can sound travel fastest?

Answered: 1 week ago

Question

Which type of energy does an object have when it is in motion?

Answered: 1 week ago

Question

The working principle of a washing machine is?

Answered: 1 week ago

Question

Nuclear sizes are expressed in a unit named?

Answered: 1 week ago