Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance with monthly payments of $232.38 for 36 months.

(a)

What is the finance charge (in $) on the loan?

$

Annual Percentage Rate (APR) Finance Charge per $100 (continued)

(b)

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NN . . . . + NO N NNNNN AN Ny N New shaan ANN NO M OSO UWN WW MUUUU Onun OOO ANNUAL PERCENTAGE RATE TAALE FOR MONTHLY PAYNENT PLANS SEE INSTRUCTIONS FOR USE OF TABLES A8-194-M NUMBER ANNUAL PERCENTAGE RATE OF PAYMENTS 14.00% 14.25% 14.50% 14.75% 15.00% 15.25% 15.50% 15.15% 16.00% 16.25% 16.50% 16.75% 17.00% 17.25% 17.50% 17.75% (FINANCE CHARGE PER 1100 OF ANOUNT FINANCEDI 1 2 3 ff 1.48 1.19 1.78 2.38 2.99 3.59 2.34 2,93 3.53 1.23 1.85 2.47 3.09 3.72 1.82 2.43 3.04 3.65 1.25 1.88 2.51 3.14 3.78 1.27 l.91 2.55 3.20 3.84 1.29 1.94 2.59 3.25 3.91 1.31 1.97 2.04 3.30 3.97 1.33 2.00 2.68 3.36 1.35 2.04 2.72 3.41 1.37 2.07 2.76 3.46 4, 16 1.40 2.10 2.80 3.51 97. I,42 2.13 2.85 3.57 2.16 2.89 3.02 4.35 2.19 2.93 3.67 4.42 3. 73 5 41 19. 23, . 4.48 0 6 7 8 . 5.32 4, 81 5.42 6.03 4.27 4.89 5.51 6.14 &.fi 4. 35 4.98 5.61 6.25 6.88 5.32 5.92 6.53 4.42 5.06 5. 71 6.35 7.00 4.57 5.23 5.90 6.57 4:49 5.15 5.80 6,86 7.12 33, 4.72 5.40 6,09 6 .18 7.48 4.79 5, 49 6.19 6 89 7,60 4.87 5.58 6.29 7.00 7.72 5.02 5.75 6.48 7.22 7.96 5.66 p. 38 7.11 7.94 5,09 5.83 6.56 7.32 8.08 5.17 5.92 6.67 1.43 8,19 5.24 6,99 6.77 1.54 6. 68 7.36 10 85 6 , 11 B 5. 9 0.05 9.74 11 12 13 14 15 7.14 7.74 8.36 8.97 9.59 7.27 7.89 8.51 9.13 9.76 7.40 7.53 8.03 8. 17 6.66 8. 81 9,30 9,46 9.94 10.11 7.66 7.19 8.31 8.45 B,97 9. 12 9.63 9.79 10.29 10.47 1.92 8 ,59 9.27 9.96 t.t H. 1 B 388 9.58 10.29 11.00 8.31 9.02 9 ,13 10.45 11.17 9.16 9.89 10.62 11.35 8.57 9.30 10.04 I, JAH 11.5) 8 .1; A , B3 8.96 9.45 4,64 913 10.20 10.35 10.50 10.95 11.12 11:? B 11.71 11. Hg 12.06 9.09 9.87 10.66 11.45 12.24 10.12 10.82 10.77 10.50 11,32 16 11 18 19 20 10.20 10.82 11.45 12.07 12.70 10.39 11.OZ 11.66 12. JO 12.93 .Il 38 . 8,II t 13.03 13.83 14.64 15.44 16.25 11, 1 14 12.52 13.17 12. 74 13.41 82 | 10.95 11.14 11.33 11.52 11.71 11.90 12.09 12:28 12.45 12.65 12.84 11.62 11.82 12.02 12.22 12.42 12.62 12.83 13.03 13.23 13.43 13.63 12.29 12.50 12.72 12.93 13.14 13.35 13.57 13.72 13.99 14.21 12.97 13.19 13.41 13.64 13.86 14-69 16, 16 ft, 59 15.22 13.64 13. 14.11 14.35 14.59 15.05 15.30 15.54 19.77 16.01 14.37 14.57 15.06 15.31 15.56 15.al 16.06 1; .31 18, 81 15.00 15.26 15.52 15.78 16.04 16.30 15.57 17.09 17.36 17.62 15.68 15.96 16.23 15.50 10.78 17.05 17.32 1763 17. ad 18.15 16.37 16.65 16.94 17.22 17.51 17.80 1 ja. 17 18. 66 3 4,95 1A 19.24 11.06 17.35 11.65 17.95 18.25 ! 11.55 18.85 19.15 19.45 19.75 20.05 8. 14 5 .15 17.07 16.83 8B 17 21 22 23 24 25 13.33 13.58 13.82 14.07 13.96 14.22 14.48 14. 74 14.59 14.87 15.14 15.41 15.20 15.51 15.80 16. 68 15.81 16.17 16.46 16.76 :18 0. 18 18.70 19.53 20.36 3 ,18 21.19 232 26 27 28 29 30 16.51 17.15 17.80 18.45 19.10 16.82 17.12 17.47 17.80 18.13 18.47 1 8.19 19.14 13, 45 19.81 17.75 18.06 18.68 18.99 19.30 18.12 18.44 18.76 1 19.09 19.41 19.74 1 20.06 18.80 19.14 19.47 19.81 20.15 20.48 20.82 19.49 19.43 20.18 20.53 20.88 21.23 21.58 20.17 20.54 20.90 21.26 21.62 21.99 22.35 i;, ? 15:33 20.24 20.56 20.37 20.39 20.71 21.94 21.37 269 21, 14 21.50 21, 4 4 ;;.1E 3352 21.94 22.29 22.64 22.99 23.35 22.72 73.98 23.45 23.81 22.96 22.70 24.55 18 ,4 31 32 33 34 35 25.46 19.75 20.12 20.49 20.87 21.24 21.61 21.99 22.37 22.74 20.40 20.79 21.17 21.56 21.95 22.33 22.72 23.11 23.50 21,96 21.85 22.25 22.65 23.06 23.45 23.86 24.26 21.72 22.13 22.54 22.95 23.37 21.TH 24,19 74,61 25.03 22.39 22.80 23.23 23.65 24.08 24.51 24.94 25. 36 25.79 23.50 24.28 25.07 23.12 23.89 24.67 25.44 26.23 .u 23. 4 4 24.66 25.48 26.29 ??, C; 24.26 25.07 25. AB 25.70 27.52 6,29 25.02 75.86 26.10 27.54 28.39 25.40 26.25 27.11 27.97 28, 4 4 28 . 2 s , Et 27.12 26.56 95. fcii i ,8 2 27.80 28. 35 Ps. 18 36 27 38 39 40 26.57 27.34 29.11 28.99 29.70 30.57 23.04 21.48 23.92 24.35 24.80 25.24 25.6A 23.70 24.16 24.61 25.06 25.51 25.07 26.42 24.37 24.84 25,30 25.77 26.24 26.10 27.17 25.04 25.52 26.00 26.48 26.96 27.44 27.92 25.71 26.20 26.70 27.19 21.69 29.19 28.68 26.12 26:34 27.64 28,41 29.1a . d' 27.46 27,90 28.26 29.?? 29.06 29.53 30.36 30.08 31, 18 ]330 29.25 30.10 30.95 31.87 32.69 29.64 30.49 31. 35 32.19 , | $ H . 88. 9 29.38 10.18 30.55 368 32. 32 13.20 73.04 ? 33.5b 26.39 27.06 27.74 28.42 3 26.89 27.40 27.91 28.41 27.58 28.10 PA; 62 29.15 TH 2 B. ?T 79.81 29.34 29.88 2 29.52 30.07 30.62 29.67 10.23 30.79 31.36 43 29.92 29.67 30,42 31.11 31.92 29.44 29.95 30.19 30.72 10.96 31.50 31.72 32.28 32.49 33.06 fr ;2 t,3 30.46 30.77 31.49 32.01 32.52 31.25 31.78 32.3: 32.84 31,17 32.04 12.58 31.13 33.67 34.22 32.3 33.39 33.95 35.07 33.63 34.20 34.77 35.35 35.92 14.06 34.97 35.86 36.76 37.66 3 ,4 . 35.?! 36.19 $? , 4 35.53 45 2,1 58, 3 37.96 46 47 35.00 36.43 ;33 1 . 3 8 ,34 29.79 30.36 30,48 31.07 31.17 31:17 31.86 32.48 32.55 33.18 a 30.94 31.66 32.37 33.09 33.82 31.52 32.10 32.68 32.2% 32.84 32.98 33.59 34.23 33.71 34. 34 34.96 34.45 25.09 35. 73 33.26 33.84 34.63 34.81 4553 36.21 36.37 37.31 36.19 37.04 37.96 1 35.01 35. A 36.65 37.47 38.30 35.23 36.33 36.34 37.65 T 17 36.73 31.37 17.64 38.25 39 , 1 39.31 40.01 43.24 40.89 38 [51 13, 15 38,3$ 19.46 40.37 41.29 42.20 .34 49 50 , ;] * 3 9. 10 38.94 39.59 41.55 9. . 7 . | & 12, 3 43.12 47.45 43.36 51 52 53 54 55 33.25 13.89 33.95 34.51 34.65 35. 32 35.35 36. 04 36.05 36.76 34,54 35.27 36.00 36.73 37.46 35.19 35.84 35.93 36.60 36.6H 37.36 37.42 38.12 38. 17 38.98 36,49 37.15 37.81 38.46 37.27 31.94 38.61 39.24 38.04 : 39.41 40.13 4 4-42 39.52 40.22 4th , 42 19.65 40.3141.03 41.16 . R 1 40.79 39.79 40.45 40.63 41.141.99 42.67 42.17 43.57 62 .3 3 43.04 $ 3: 75 43.19 43.91 45.37 H1 104 . . | 1 45.16 45.90 48.83 6 In .8 39.45 . 1, 15 , 47. 77 3,4 56 57 58 59 60 36,76 37.47 38.18 38.89 39.61 37.48 38:20 38.93 39,66 40.39 38.20 38 :74 39.6 40.42 38.92 39.65 40.43 I. 15 41.95 0 19, 1 40.38 41.11 41.84 42.57 41.9! 4265 42.11 44.23 42.74 43.51 45.07 43.51 44.32 45.11 5.91 43.31 44.15 45.00 45.85 46, 71 47.02 47.94 48.87 45.53 45.27 45.00 47.18 46.54 47.37 48.09 48.21 49.92 16 , 1 * 34 11:& 4 . B 4 6 , 9 65.fr 41.96 , t 1 n 80 .$ 50.60 1.42 4 | | . 117 14. 47.51 ; ;, 50.73 51.55 continued ANNUAL PERCENTAGE RATE TABLE FOR MONTHLY PAYMENT PLANS SEE INSTRUCTIONS FOR USE OF TABLES FRB-105-M NUMBER ANNUAL PERCENTAGE RATE OF PAYMENTS 18.00% 18.25% 18.50% 18.75% 19.00% 19.25% 19.50% 19.75% 20.00% 20.25% 20.50% 20.75% 21.00% 21.25% 21.50% 21.75% (FINANCE CHARGE PER $100 OF AMOUNT FINANCED) 1 2 3 4 5 5 1.50 2.26 3.01 3.78 4.54 1.52 2.29 3.06 3.83 4.61 1.54 2.32 3.10 3.88 4.67 1.56 2.35 3.14 3.94 4.74 1.58 2.39 3.19 1.99 4.80 1.60 2.41 3.23 4.04 4.86 1.62 2.44 3.27 4.10 4.93 1.65 2.46 3.31 4.15 4.99 1.67 2.51 3.35 4.20 5.06 1.69 2.54 3.39 4.25 5.12 1.71 2.57 3.44 4.31 5.18 1.73 2.60 3.48 4.36 5.25 1.75 2.63 3.52 4.41 5.31 1.77 2.66 3.56 4.47 5.37 1.79 2.70 3.60 4.52 5.44 1.81 2.73 3.65 4.57 5.50 6 7 8 9 10 5.32 6.09 0.87 7.65 8.43 5.99 6.18 6.96 1.76 8.55 5.46 6.26 7.06 7.87 8.67 5.54 6.35 7.16 7.97 8. 79 5.61 6.43 7.26 8.08 8.91 5.69 6.52 7.15 8. 19 9.03 5.76 6.60 7.45 8.30 9.15 5.84 6.69 7.55 8.41 9.27 5.91 6.78 7.64 8.52 9.39 5.99 6.86 1.74 9.63 9.51 6.06 6.95 7.84 8,73 9.63 6.14 7.04 7.94 8.84 9.75 6.21 7.12 8.03 8.95 9.88 6.29 7.21 8.13 9.06 10.00 6.36 7.29 8.23 9.17 10.12 6.44 7.38 8,33 9.28 10.24 11 12 13 14 15 9.22 10.02 10.1 11.61 12.42 9.35 10.16 10.97 11.78 12.59 9.49 10.30 11.12 11.95 12.77 9. 62 10.44 11.28 12.11 12.95 9. 75 9.88 10.59 10.73 11.43 11.59 12.28 12.45 13.13 13.31 10.01 10.87 11.74 12.61 13.49 10.14 11.02 11.90 12.79 13.67 10.28 10.41 11.16 11-31 12.05 12.21 12.95 13.11 13.5 14.03 10.54 10.67 11.45 11.59 12.36 12.52 13.28 13.45 14.21 14.39 10.80 11.74 12.67 13.62 14.57 10.94 11.88 12.83 13.79 14,75 11.07 12.02 12.99 13.95 14.93 11.20 12.17 13.14 14.12 15.11 16 17 18 19 20 13.22 14.04 14.85 15.67 16.49 13,41 14.24 15.07 15.90 16.73 13.50 14.44 15.28 16.12 16.97 13,80 13.99 14.18 14.37 14.56 14.64 14.85 15.05 15.25 15.46 15.49 15. 71 15,93 16.14 16.36 16.35 16.58 16.81 17.03 17. 26 17.21 17.45 17,69 17.93 18.17 14.75 15.66 16.57 17.49 18.41 14.94 15.86 16.79 17,72 18.66 15.13 16.07 17.01 17.95 18.90 15.33 16.27 17.22 18.18 19.14 15.52 10.48 17.44 18.41 19.30 15.71 16.08 17.66 18.64 19.63 15.90 16.10 16.89 17.09 17.08 18.09 18.8? 19.10 19.97 20.11 21 22 23 24 25 17.32 17.57 18.15 18.41 19.98 19.26 19.82 20.11 20.66 20.96 17.82 18.68 19.54 20.40 21.27 18.07 18.33 18,58 18.83 18.94 19.21 19.47 19.74 19.81 20.09 20.37 20.65 20.69 20.98 21.27 21.56 21.57 21.87 22.18 22.48 19.09 20.01 20.93 21.6 22.79 19.34 19.60 19.85 20.27 20.54 20,81 21.21 21.49 21.71 22.15 22.44 22.74 23.10 23.40 23.71 20.11 21.08 22.05 23.03 24.02 20.36 20.02 20.87 21.13 21.34 21.61 21.88 22.15 22.33 22.61 22.90 23.18 23.33 23.62 23.92 24.21 24.32 24.63 24.94 25.25 P 26 27 28 29 30 24.04 25.00 25.96 26.92 27.89 24.36 25.33 26.30 27.28 28.26 24.68 25.57 20.65 27.64 28.04 25.01 26.00 27.00 29.00 29.01 25.33 25.65 25.97 26.34 26.67 27.01 27.35 27.70 28.05 29.37 28.73 29.09 29.39 29.77 30.14 26.29 27.34 29.40 29.46 30.52 21.50 21.82 22.14 22.45 22.77 23.09 23.41 23.72 22.35 22.68 23.01 23.34 23.67 24.00 24.33 24.67 23.20 23.55 23.89 24.23 24.58 24.92 25.27 25.61 24.06 24.41 24.77 25.13 25.49 25.94 26.20 26.56 24.92 25.29 25.66 26.03 26.40 26.77 27.14 27.52 25.78 26.16 26.55 26.93 27.32 27.70 28.09 26.47 26.65 27.04 27.44 27.84 28.24 29.54 29.04 29.44 27.52 27.93 28.34 28.75 29.16 29.57 29.99 30.40 28.39 28.81 29.24 24.66 30.09 30.52 30.95 31. 37 29.27 29.71 30.14 30.58 31.02 31.47 31.91 32.35 31 32 33 34 35 28.86 29.84 30.82 31.80 32.79 29.25 30.24 31.23 32.21 33.24 30,44 31.65 37.67 33.A 30.03 31.05 32.07 33.10 34.13 30,42 31.45 32.49 33.53 14.58 30.81 31.85 32.91 33.96 35,03 31.20 32.26 33.33 34.40 35.47 11.59 32.67 33.75 34.83 35.92 36 37 38 39 40 30.15 30.60 31.03 31.50 31.92 32.40 32.81 33.31 33.71 34.22 31.05 31.97 32. AB 33.80 34.73 31.51 31.96 32.42 32.43 32.90 33.37 33.37 33.5 34.33 34. 30 34.80 35.30 35.24 35.75 36.26 32.87 23.84 34.82 25.80 36.78 33.33 34.32 35.30 36.30 37.29 33.79 34.25 34.79 35,26 35.79 36. 2A 36,80 37,30 37.81 39.3) 34.71 35.24 36.77 37.91 38.95 35.17 36.21 37.26 38.31 39.37 35.63 36.69 37. 75 39.82 39.49 36,09 36.56 37.16 37.64 38.24 39.73 39.32 39.83 40.41 40.93 37.02 38.12 39.23 40.34 41.46 3 39.36 40.40 41 42 43 44 45 34.61 35.51 36.42 37.33 38.24 35.13 36.05 36.97 37.89 38.92 35.66 36.59 37.52 38.46 39.41 36,18 37.13 18.08 39.03 39.99 36.71 37.24 37.67 38.21 38.63 39.19 39.63 40.18 40.58 41.17 37.77 38,76 39.75 40.75 +1.75 38.30 39,29 40.31 41.33 42.35 38.83 39.85 40.87 41.90 42.94 39.89 49.95 42.00 43.06 44.13 40.43 41.50 42.57 43.64 44.72 40.96 41.50 42.05 42.60 43.13 43.70 44.22 44.81 45.72 45.92 42.04 43.15 44.27 45.39 46.52 42.58 43.71 44,84 45.98 47.12 42.41 43.53 46 47 48 69 50 39.16 40.08 41.00 41.93 42.86 39,75 40.69 41.63 42.57 43.52 40.35 40.95 41.30 41.92 42.26 42.89 43.22 43.86 44.18 44. 84 41.55 42.54 43.52 44.51 45.50 42.16 42.76 43.37 43.98 43.15 43.77 44.40 45.02 44.15 44.79 45.43 46,07 45.16 45.81 46.46 41.12 46.17 46.83 47.50 48.17 44.56 45.14 46.7! 47.77 43.84 45.20 46.27 47.35 48.43 49.52 45.91 46.90 47.99 49.09 50.19 46.42 47.03 47.53 48.16 48.64 49.28 49.75 50.41 50.87 51.55 47.65 48.79 49.93 51.08 52.23 48.27 49.42 50.58 51.74 52.91 51 52 53 54 55 43.79 44.73 45.67 46.62 47.57 44.47 45.42 46.38 47.34 48.30 45.14 46.11 47.00 48.16 49.04 45.82 46.00 47.79 48.79 49, 78 46.50 47.50 48.50 49.51 50.52 47.18 48.20 49.22 50.24 51.27 47.86 48.89 49.93 50.97 52.02 48.55 49.59 50.65 51.70 52.76 49,23 50.30 51.37 52.44 53.52 49.92 51.00 52.09 53.17 54.27 50.61 51.71 52.81 53.91 55.02 51.30 52.41 53.53 54, 55 55.78 51.99 53.12 54.26 $5.39 56.54 52.69 53.93 54.98 56.14 57.30 53.38 54.55 55.71 56.98 58, 06 54.08 55.26 56.44 57.63 58.82 56 57 58 59 60 48.52 49.21 49.47 50.24 50.43 51.22 51.39 52.20 52.36 53.18 50,03 51.01 52.00 53.00 54.00 50. 78 51.54 52.30 53.06 53.83 54.60 55.37 51.79 52.56 53.34 54.12 54.93 55.48 56.47 52.79 53.58 54.38 55.17 55,97 56,77 57.57 53.40 54.61 55.42 56.23 57.05 57.87 58.68 54.az 55.64 56.47 57.30 58.13 59.96 59.80 56.14 57.25 5A, 38 59.51 60.64 56.91 58.04 59,18 60.33 61.40 57.68 58,46 59.24 58.84 59.63 60.43 59.99 60.80 61.62 61.15 61.98 62.81 62.32 63.17 64.01 60.02 61.22 62.43 63.64 64.86