Question

Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on...

Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.)

Purchase
(Cash)
Price
Down
Payment
Amount
Financed
Add-on
Interest
Number of
Payments
Finance
Charge
Monthly
Payment
$2,000 15% $ 14.5%
30 $ $

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Calculate the amount financed, the finance charge, and the monthly payments for the following add-on interest...
Calculate the amount financed, the finance charge, and the monthly payments for the following add-on interest loan. Do not round intermediate calculations. Round your answers to the nearest cent. Purchase (Cash) Price Down Payment Amount Financed Add-on Interest Number of Payments Finance Charge Monthly Payment $51,500 30% $ 6.2% 60 $ $ Answer for amount financed, Finance charge and monthly payment. Thumbs Up for a correct answer!!!
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. (Do...
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent and "APR" to the nearest tenth percent.) Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $5,433 $1,103 48 $4,330 $5,489.76 $1,159.76 %
Find the following installment problems, find the amount financed and the finance charge sale price: $1,500,...
Find the following installment problems, find the amount financed and the finance charge sale price: $1,500, down payment: $300, Number of monthly payments: 24, Monthly payment: $58, Amount financed: ?; Finance charge: ?
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days...
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $5,000 balance, 15%, $30 payment
9. Calculating an installment loan payment using the add-on method Calculating the loan payment on an...
9. Calculating an installment loan payment using the add-on method Calculating the loan payment on an add-on interest installment loan Installment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single–payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on...
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days...
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $400 balance, 14%, $50 payment (a) previous balance method (b) adjusted balance method (c) average daily balance method
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day...
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle 9/16 Billing date Previous balance $ 3,000 9/19 Payment $ 70 cr. 9/30 Charge: Home Depot 2,000 10/3 Payment 70 cr. 10/7 Cash advance 80 Finance charge is 1.25% on average daily balance. Average daily balance- Finance charge-
Sherman Jacobs plans to borrow $10,000 and to repay it in 36 monthly installments. This loan...
Sherman Jacobs plans to borrow $10,000 and to repay it in 36 monthly installments. This loan is being made at an annual add-on interest rate of 14 percent. Calculate the finance charge on this loan, assuming that the only component of the finance charge is interest. Round the answer to the nearest cent. Use your finding in part (a) to calculate the monthly payment on the loan. Round the answer to the nearest cent. Using a financial calculator, determine the...
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days...
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) Balance:     $675 Rate:     18% Payment:     $64 Method:     Average daily balance $
Calculate the monthly payment from the following information by formula. (Do not round intermediate calculations. Round...
Calculate the monthly payment from the following information by formula. (Do not round intermediate calculations. Round your answer to the nearest cent.) Number of monthly payments Amount financed APR            PMT 48 $4,520 15% $