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I have everything except D. calculating the monthly payment using the add-on method. Can you find that answer and show it worked out for me?
I have everything except D. calculating the monthly payment using the add-on method. Can you find that answer and show it worked out for me? Thanks!
Chuck Boyl saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors. Cash price $8,000 Down payment $0 Annual percentage rate 15.28% Deferred price $11,544.00 or 60 payments at $192.40 per month a. Calculate the amount financed. Answer is complete and correct. Amount financed S 8,000 b. Calculate the finance charge. (Do not round intermediate calculations. Round your answer to the nearest cent. Answer is complete and correct. Finance change S 3,544.00 c. Calculate the APR by formula. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 1 decimal place.) Answer is complete and correct. APR by formula 15.30 | % d. Calculate the monthly payment by add-on-method. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete but not entirely correct. Monthly payment by add-on-method $ 235.33 S235.33 e. Calculate the monthly payment by formula. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete and correct. Monthly payment by formula 191.58Step by Step Solution
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