Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Used car $104.66 per month for 60 months. Cash price $4,400 Down payment $50 a. Calculate the amount financed. Amount financed 4,350 b. Calculate
Used car $104.66 per month for 60 months. Cash price $4,400 Down payment $50 a. Calculate the amount financed. Amount financed 4,350 b. Calculate the finance charge. (Do not round intermediate calculations. Round your answer to the nearest cent.) Finance change $ 1,929.60 c. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) Deferred payment price $ 6,329.60 d. Calculate the APR by formula. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) APR by formula 15.5% e. Calculate the monthly payment (by formula). (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment by formula
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started