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Nellie Viner saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no
Nellie Viner 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 $ Down payment $ Annual percentage rate Deferred price $ or payments at $ per month Required: a Calculate the amount financed. b Calculate the finance charge. Note: Do not round intermediate calculations. Round your answer to the nearest cent. c Calculate the APR by formula. Note: Do not round intermediate calculations. Enter your answer as a percentage rounded to decimal place. d Calculate the monthly payment by addonmethod. Note: Do not round intermediate calculations. Round your answer to the nearest cent. e Calculate the monthly payment by formula. Note: Do not round intermediate calculations. Round your answer to the nearest cent. a Amount financed b Finance charge
Nellie Viner 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 $
Down payment $
Annual percentage rate
Deferred price $ or payments at $ per month
Required:
a Calculate the amount financed.
b Calculate the finance charge.
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
c Calculate the APR by formula.
Note: Do not round intermediate calculations. Enter your answer as a percentage rounded to decimal place.
d Calculate the monthly payment by addonmethod.
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
e Calculate the monthly payment by formula.
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
a Amount financed
b Finance charge
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