Question: From this partial advertisement Used car $ 8 6 . 8 3 per month for 6 0 months Cash price $ 3 , 7 0

From this partial advertisement Used car $86.83 per month for 60 months Cash price $3,700 Down payment $50 a. Calculate the amount financed. Amount financed b. Calculate the finance charge. (Do not round intermediate calculations. Round your answer to the nearest cent.) Finance change Finance change Cc. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) Deferred payment price d. Calculate the APR by formula (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) APR by formula e. Calculate the monthly payment (by formula).(Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment by formulaPat Radigan is planning to buy a Toyota hybrid for $18,849 with $1,500 down and plans to finance the car. Citizens' Financial Bank
quoted a finance charge at 8.5% for 48 months; Charter One Bank quoted him a finance charge at 8% for 60 months.
Required:
a. What would be his monthly payment to Citizens' Financial Bank?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Monthly payment
b. What would be his monthly payment to Charter One Bank?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Monthly payment
c. How much more would his monthly payment be on the 48-month loan?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
 From this partial advertisement Used car $86.83 per month for 60

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!