Homework 104 Installment Buying Score 0 of 1 pt 10413 Cash

Homework. 10.4 Installment Buying Score: 0 of 1 pt ?) 10.4.13 Cash Down Amount Number of Amount of Finance APR Price Payment Financed Payments Payment Charge $6000 $850 $5150 18 $300 (Finance charge per $100 of amount financed) 6.5% 7.5% 8.0% 8.5% 5.5% 3.00 3.28 3.56 3.83 4.11 4.39 4.66 4.41 4.82 5.22 563 6.04 6.45 6.86 11.63 12.73 13.83 14.94 16.06 17.18 18.31 Number of payments 6.0% 7.0% 12 18 48 The finance charge is S

Solution

Amount of payment = $300

Number of payments = 18

Total amount paid = Amount of payment * Number of payments = $300 * 18 payments = $5,400

Amount financed = $5,150

Finance charge = Total amount paid - Amount financed = $5,400 - $5,150 = $250