You wish to finance the purchase of a boat home for $38,400. A finance company offers an APR of 12% on a 24-month installment loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
You wish to finance the purchase of a boat home for $38,400. A finance company offers an APR of 12% on a 24-month installment loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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Question
Transcribed Image Text:You wish to finance the purchase of a boat home for $38,400. A finance company offers an APR of 12% on a 24-month installment
loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
Transcribed Image Text:ANNUAL PERCENTAGE RATE TABLE FOR MONTHLY PAYMENT PLANS
SEE INSTRUCTIONS FOR USE OF TABLES
NUMBER
ANNUAL PERCENTAGE RATE
OF
PAYMENTS 10.00% 10.25% 10.50% 10.75% 11.00% 11.25% 11.50% 11.75% 12.00% 12.25% 12.50% 12.75% 13.00% 13.25% 13.50% 13.75%
(FINANCE CHARGE PER $100 OF AMOUNT FINANCED)
1.67 1.71
2.14
2.64
0.92 0.94 0.96 0.98 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.15
0.83 0.85 0.87 0.90
1.25 1.28 1.31 1.35 1.38 1.41 1.44 1.47 1.50 1.53 1.57 1.60 1.63 1.66 1.69 1.72
1.76 1.80 1.84 1.88 1.92 1.96 2.01 2.05 2.09 2.13 2.17 2.22 2.26 2.30
2.20 2.25 2.30 2.35 2.41 2.46 2.51 2.57 2.62 2.67 2.72 2.78 2.83 2.88
2.70 2.77 2.83 2.89 2.96 3.02 3.08 3.15 3.21 3.27 3.34 3.40 3.46
3.39 3.45 3.53 3.60 3.68 3.75 3.83
3.90. 3.97 4.05
3.87 3.95 4.04 4.12 4.21 4.29 4.38 4.47 4.55 4.64
4.36 4.46 4.55 4.65 4.74 4.84 4.94 5.03 5.13 5.22
4.85 4.96 5.07 5.17 5.28 5.39 5.49 5.60 5.7L 5.82
5.35 5.46 5.58 5.70 5.82 5.94 6.05 6.17 6.29 6.41
12345
67899
10
11
13
14
16
17
18
19
20
21
2242 2288 228 ****
23
26
27
29
30
31
32
33
35
37
38
39
42
43
48
50
51
52
53
54
55
56
57
58
59
60
2.09
2.51 2.58
3.08
3.16 3.23 3.31
3.53 3.62 3.70 3.78
3.98 4.07 4.17 4.26
4.75
4.43 4.53
5.23
4.76 4.88 4.99
5.11
5.07 5.20 5.33 5.45 5.58 5.71 5.84 5.97 6.10
6.36 6.49
6.23
6.90 7.04
6.48 6.62 6.76
5.50 5.64 5.78 5.92 6.06 6.20 6.34
6.99 7.14 7.29 7.44 7.59
5.93 6.08 6.23 6.38 6.53 6.68 6.84
7.66 7.82 7.99 8.15
7.50
6.85 7,01
6.36 8.52 6.69
7.17 7.34
8.53 8.71
8.36
8.19
7.84 8.01
7.66
7.32
6.80 6.97 7.14
2.94
3.01
3.36 3.45
3.79 3.88
4.21 4.32
4.64
7.23 7.41
7.60
8.06
7.67 7.86
8.31 8.52
8.10
8.76 8.98
8.54
9.21
8.98
7.97
7.78
8.25 8.45
8.73 8.93
9.42
9.20
9.90
9.67
8.15
8.65
9.14
9.64
10.13
11.36
11.12
9.66 9.90 10.15 10.39 10.63 10.88
11.64
9.86 10.12 10.37
11.90
10-62 10.88 11.13 11.39
10.30 10.57 10.84 11.10 11.37 11.63
12.44
11.90 12.17
12.98
11-58
10.75 11.02 11.30
11.86 12.14 12.42 12.70
13.52
12.06 12.35
11.48 11.77
12.64 12.93 13.22
11.19
9.27 9.46 9.64
9.08
9.83 10.02
8.90
8.71
8.53
8.34
10.03 10.73
9.63
10.43
9.83
10.63
9.24 9.44
8.84 9.04
10.61 10.82 11.03 11.24
10.19 10.40
9.98
9.77
9.56
9.35
11.18 11.41 11.63 11.85
10.74 10.96
10.30 10.52
9.86 10.08
11.76 12.00
11.06 11.30 11.53
12.23 12.46
10.83
10.37 10.60
11.64 11.94
15.59 15.89 16.20
14.97 15.28
15.56 15.87 16.19 16.51 16.83
16.47 16.80 17.13 17.46
17.07 17.41 17.75 18.10
17.66
18.38 18.74
18.02
12.10 12.34 12.59 12.84 13.08
11.85
11.61
12.41 12.67
13.19 13.44 13.70
12.93
12.16
13.51 13.78 14.05 14.32
12.97 13.24
12.71
14.10 14.38 14.66 14.95
13.26 13.54 13.82
13.81 14.10 14.40 14.69 14.98 15.28 15.57
Te
14.67
14.36
13.75 14.06
12.24 12.54 12.85 13.15 13.45
14.60 14.92 15.24
14.29
13.34 13.66 13.97
12.71 13.03
15.15 15.48 15.81 16.14
12.09 12.40
12.53 12.86 13.18 13.51 13.84 14.16 14.49 14.82
16.72
16.04 16.38
15.70
15.35
15.01
14.00
14.67
13.32 13.66
14.33
12.98
16.95 17.31
16.60
15.89 16.24
15.19 15.54
14.48 14.83
13.43 13.78 14.13
19.00 19.38
18.27 18.63
17.53
16.79 17.16
16.06 16.43
15.33
14.25 14.61 14.97
15.70
18.87 19.25 19.63 20.02
13.89
18.11
17.35
16.59 16.97
15.84 16.21
14.34 14.71 15.09 15.46
18.29 18.69 19.08 19.47 19.87 20.26 20.66
16.34
14.79 15.18 15.57 15.95
17.90
16.73 17.12 17.51
18.86 19.27 19.67 20.08 20.49 20.90 21.31
17.25 17.65 18.05 18.46
16.85
16.44
15.65 16.05
21.53 21.95
20.69 21.11
19.85 20.27
19.43
18.60 19.01
18.18
17.77
17.35
16.53 16.94
16.11
17.90
18.49
17.73
15.25
15.70
MODA ALA
24.69
24.13
23.57
23.01
22.46
21.35 21.90
20.80
25.25
24.68
23.53 24.10
22.97
21.83
21.27
22.40
25,81
25.23
24.06 24.64
23.48
22.90
21.74 22.32
26.38
25.78
25.18
24.58
23.39 23.99
22.21 22.80
26.95
26.33
25.72
25.11
23.89 24.50
22.69 23.29
6.88
7.46
6.62 6.75
7.18 7.32
7.75 7.90 8.05
8.31 8.48 8.64
8.88 9.06 9.23
FRB-103-M
20.43 20.87 21.30 21.73 22.17 22.60
19.14
20.00
19.57
18.71
17.86 18.29
17.43
17.01
16.58
16.16
21.02 21.46 21.91 22.36 22.81 23.25
19.25
20.13
19.69
20.58
18.81
18.37
17.49 17.93
16.62 17.06
23.45 23.91
22.52 22.99
21.61 22.07
20.24 20.69 21.15
19.78
19.33
18.88
18.43
17.98
17.08 17.53
24.56
23.14
24.09
23.61
27.67
22.20
21.73
21.26
20.79
20.32
19.86
19.39
18.46 18.93
17.54 18.00
25.22
24.25 24.73
23.27 23.76
21.82
22.79
22.30
21.34
20.86
20.38
19.90
18.95 19.43
18.00 18.48
22.39
21.89
21.40
20.91
20.42
19.93
19.44
18.95
18.47
22.96
22.45
21.94
21.44
20.93
19.93 20.43
18.93 19.43
23.53
21.97 22.49 23.01
21.45
20.42 20.94
19.91
19.40
24.10
23.03 23.57
22.50
21.44 21.97
19.86 20.39 20.91
24.67
24.12
23.58
23.03
22.49
21.41
20.33 20.87
21.95
25.25 25.81
26.40
25.82
26.40 26.99
26.98 27.59
28.18
27.56
7.01
7.60
8.20
8.81
9.41
25.38 25.88
22.88
23.88 24.38 24.88
23.38
26.55
26.03
25.51
25.00
23.47 23.98 24.49
26.6A 27.21
26.15
25.62
24.57 25.10
24.05
27.33 27.88
26.79
26.25
24.64 25.17 25.71
27.99 28.55
26.88 27.43
25.22 25.77 26.32
26.37 26.94 27.51
26.98 27.56 28.14
27.58 28.18 28 TT
28,80
28.19
29.41
29.42
28.80
30.04
28.78
28.15
29.41
27.52
26.89
26.26
25.64
25.02
24.40
23.16 23.78
28.09 28.73
25.53 26.17 26.81 27.45
30.02
29.38
23.64 24.27 24.90
28.66 29.32
24.11 24.76 25.40 26.05 26.70 27.35 28.00
29.98 30.64
29.23
25.25 25.91 26.57 27.23 27.90 28.56
29.91 30.58 31.25
24.59
30.50
31.87
31-18
29.81
29.13
27.77 28.44
25.74 26.41 27.09
25.07
28.08
28.72
29.37
30.02
30.67
29.65 29.22
29.31 29.89
29.97 30.57
30.63 31.24
31.29 31.92
31.32 31.96 32.60
30.05 30.68
31.98 32.63 33.29
31.32
30.67
31.97 32.63 33.30 33.97
31.30
31.93 32.61 33.29 33.98 34.66
33.95 34.65 35.35
33.26
32.56
33.20 33.91 34.62 35.33 36.04
32.49
25.55 26.23 26.92 27.61 28.30 28.99 29.69 30.39 31.09 31.79
33.83 34.56 35.28 36.01 36.74
26.03 26.73 27.43 28.13 28.84 29.54 30.25 30.97
33.11
31.68 32.39
26.51 27.23 27.94 28.66 29.37 30.10 30.82 31.55 32.27 33.00 33.74 34.47 35.21 35.95 36.69 37.43
27.00 27.72 28.45 29.18 29.91 30.65 31.39 32.13 32.87 33.61 34.36 35.11 35.86 36.62 37.37 38.13
27.48 28.22 28.96 29.71 30.45 31.20 31.96 32.71 33.47 34.23 34.99 35.75 36.52 37.29 38.06 38.83
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