P. Olivia Fast found a timeshare offer entitling her to 3 weeks per year in a...

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P. Olivia Fast found a timeshare offer entitling her to 3 weeks per year in a Rocky Mountain townhouse. She had the option of paying $7,600 in cash or financing the timeshare with a 2-year installment loan. The loan required a 20% down payment and equal monthly payments of $283.73. What is the finance charge on Olivia's loan? a. b. What is the total deferred payment price of the timeshare contract? Tim Houston purchased a wall unit for $2,400. He made a $700 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. P. Olivia Fast found a timeshare offer entitling her to 3 weeks per year in a Rocky Mountain townhouse. She had the option of paying $7,600 in cash or financing the timeshare with a 2-year installment loan. The loan required a 20% down payment and equal monthly payments of $283.73. What is the finance charge on Olivia's loan? a. b. What is the total deferred payment price of the timeshare contract? Tim Houston purchased a wall unit for $2,400. He made a $700 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan.

Answer rating: 100% (QA)

SOLUTION a To calculate the finance charge on Olivias loan we need to determine the total amount pai... View the full answer