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Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had
Ramon Hernandez 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 $7,820 Down payment $0 Annual percentage rate 15.28% Deferred price $11,284.20 or 60 payments at $188.07 per month a. Calculate the amount financed. Amount financed $ 7,820 b. Calculate the finance charge. Note: Round your answer to the nearest cent. Finance change $ 3,464.20 c. Calculate the APR by table lookup. (Use Table 14.1.) Note: Round your answers to 2 decimal places. APR: between 15.28 % and 15.28 % c. Calculate the APR by table lookup. (Use Table 14.1.) Note: Round your answers to 2 decimal places. APR: between % and d. Calculate the monthly payment by formula. Note: Round your answer to the nearest cent. Monthly payment by formula % e. Calculate the monthly payment by table lookup at 15.50%. (Use Table 14.2.) Note: Round your answer to the nearest cent. Monthly payment by table lookup
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