Chan Chin bought a used Lexus ES300 priced at $25,750, a $2,600 down payment was made. The loan was for 36 months with monthly payments of $767. From this information, calculate (a) the amount financed, (b) the finance charge, (c) the deferred payment price, and (d) APR using the table. (Use table in the Business Math Handbook.)
The Bank Rate Monitor reports the lowest auto rates. Assume the loans were based on $16,000 borrowed for 48 months. New York Citibank reported monthly payments of $390.61. Los Angeles Sanwa Bank reported monthly payments of $396.26. What would be the APR for each of these banks? Use Tables in the Business Math Handbook.
Alvez Mooney bought a $4,000 desk at Furniture.com. Based on his income, Rich could only afford to pay back $400 per month. The charge on the unpaid balance is 3%. The U.S. Rule is used in the calculation. Calculate the balance outstanding at the end of month 2.
Jane Flee bought a new Ford Explorer for $25,750 with $2,600 down payment and has monthly payments of $767 for 36 months. What would be the rebate and final payoff if the automobile was paid off after 20 months?
A Range Rover sells for $74,155. Bill Rich made a $15,000 down payment. The loan is for 48 months with a monthly payment of $1,465. From this information calculate (a) the amount financed, (b) the finance charges, (c) deferred payment price, and (d) APR using the table. Use the tables in the Business Math Handbook.
Jay Lee plans to put $3,680 down on a vehicle costing $28,680 and will finance a vehicle for 48 months. His monthly payments will be $610.32. What would be Jay's finance charges?
Margaret Paine purchased a used Hummer car for $18,646 with $1,900 down. The loan is for 48 months with monthly payments of $408.10. (a) What amount did Margaret finance? (b) What is her finance charge? (d) What is Margaret's APR?
Peter Young bought a used Volvo paying $89.11 per month. He put down $95 and financed $3,889 for 60 months. Calculate Peter's finance charges, deferred payment price, APR, and monthly payment.
A $15,000 loan for 5 years will run a whopping $3,240 in interest for an article that appears in a magazine. For the same loan over a 4-year period, the total interest cost will be $2,568, which is $672 less than for the longer loan. What is the APR for the 5-year loan? Use tables in the Business Math Handbook.
Calculate a. the average daily balance and b. finance charge on the statement below.
30-day billing cycle
9/9 Balance
$400
9/16 Payment
60
9/22 Charge Macy's Finance charge 2% On average daily balance
