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Use the following information to answer all calculation questions. Report all dollar values to the nearest whole dollar and all percentages displaying two decimal places
Use the following information to answer all calculation questions. Report all dollar values to the nearest whole dollar and all percentages displaying two decimal places (e.g., 3.33 rather than 0.03). You are purchasing a new combine from a local dealer and plan on financing the purchase through the dealer's financing subsidiary. The list price is $425,000 and, since you have purchased equipment from the dealer in the past, you are receiving a 5 percent 'repeat business' discount off the list price. You are making a down payment of 12 percent of the final purchase price and will finance the remaining amount. The loan terms include: a contract interest rate of a contract interest rate of 8.00 percent, a 7-year loan term, quarterly payments, and an origination fee equal to 3.00 percent of the amount financed. Question 4 2 pts What dollar amount are you financing? Question 5 2 pts What is the dollar amount of the origination fee? This is the total amount, not the per dollar financed amount
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