1) Calculate the required information for the mortgage. Amount Financed Interest Rate Term of Loan (years) Number...
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Question:
1) Calculate the required information for the mortgage.
Amount Financed | Interest Rate | Term of Loan (years) | Number of $1,000s Financed | Table Factor (in $) | Monthly Payment (in $) | Total Interest (in $) |
---|---|---|---|---|---|---|
$84,500 | 8.00% | 30 | $ | $ | $ |
2)
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)
Amount Financed | Number of Payments | Monthly Payment | Finance Charge | Finance Charge per $100 | APR |
---|---|---|---|---|---|
$17,910 | 48 | $559.47 | $ | $ | % |
Related Book For
Principles Of Managerial Finance
ISBN: 978-0136119463
13th Edition
Authors: Lawrence J. Gitman, Chad J. Zutter
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