Question
Question 5: (20 points) (A) A university graduate bought a new car. The cash price is $ 19,000 ; he made a $ 1,400 down
Question 5:(20 points)
(A) A university graduate bought a new car. The cash price is $ 19,000; he made a $ 1,400 down payment on it. The bank's loan was for 20 months. Finance charges totaled $ 4,900. What was the monthly payment? (7 points)
(B) A steel factory bought a new equipment. The cash price of the equipment is $ 9,000, putting down $ 3,800 and financing the remainder with 20 monthly payments of $ 288.50 each. Find the APR by table lookup. (7 points)
(C) A person bought an apartment. The cash price is $ 190,000; he made a $ 40,000 down payment on it. The bank's loan was for 120 months. Finance charges totaled $ 30,000. What was the monthly payment? (6 points)
(7 + 7 + 6 = 20 marks)
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