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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 Number of Financed Payments $17,950 48 Monthly Payment $532.47 Finance Charge $7176.56 x Finance Charge per $100 $39.98 X 17.59 APR X%

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 Number of Financed Payments $17,950 48 Monthly Payment $532.47 Finance Charge $7176.56 x Finance Charge per $100 $39.98 X 17.59 APR X%

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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TABLE 13-1 Annual Percentage Rate (APR) Finance Charge per $100 ANNUAL PERCENTAGE RATE TABLE FOR MONTHLY PAYMENT PLANS SEE INSTRUCTIONS FOR USE OF TABLES ANNUAL PERCENTAGE RATE NUMBER 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) 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 45 46 48 49 50 51 52 53 54 55 56 57 58 59 60 0.83 0.85 0.87 0.90 0.92 0.94 0.96 0.98 1.25 1.28 1.31 1.35 1.38 1.41 1.44 1.47 1.67 1.71 1.76 1.80 1.84 1.88 1.92 1.96 2.09 2.14 2.20 2.25 2.30 2.35 2.41 2.46 2.51 2.58 2.64 2.70 2.77 2.83 2.89 2.96 2.94 3.01 3.08 3.16 3.23 3.31 3.38 3.36 3.45 3.53 3.62 3.70 3.78 3.87 3.79 3.88 3.98 4.07 4.17 4.26 4.36 4.21 4.32 4.43 4.53 4.64 4.75 4.85 4.64 4.76 4.88 4.99 5.11 5.23 5.35 7.23 7.67 8.10 8.54 8.76 8.98 9.21 3.75 3.83 3.90 3.45 3.53 3.60 3.68 3.95 4.04 4.12 4.21 4.29 4.38 4.47 4.46 4.55 4.65 4.74 4.84 4.94 5.03 4.96 5.07 5.17 5.28 5.39 5.49 5.60 5.46 5.58 5.70 5.82 5.94 6.05 6.17 6.29 5.13 5.71 7.41 7.60 7.78 7.97 8.15 8.34 8.53 7.86 8.06 8.25 8.45 8.65 8.84 8.31 8.52 8.73 8.93 9.14 9.35 8.98 9.20 9.42 9.64 9.86 9.44 9.67 9.90 10.13 10.37 9.04 9.56 10.08 10.60 FRB-103-M 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.50 1.53 1.57 1.60 1.63 1.66 1.69 2.01 2.05 2.09 2.13 2.17 2.22 2.26 2.51 2.57 2.62 2.67 2.72 2.78 2.83 3.02 3.08 3.15 3.21 3.27 3.34 3.40 6.10 6.23 6.36 7.01 5.07 5.20 5.50 5.64 5.93 6.08 6.36 5.33 5.45 5.58 5.71 5.84 5.97 6.49 6.62 6.75 6.88 5.78 5.92 6.06 6.20 6.34 6.48 6.62 6.76 6.90 7.04 7.18 7.32 7.46 7.60 6.23 6.38 6.53 6.68 6.84 6.99 7.14 7.29 7.44 7.59 7.75 7.90 8.05 6.52 6.69 6.85 7.01 7.17 7.34 7.50 7.66 7.82 7.99 8.15 8.31 8.48 8.64 6.97 7.32 7.49 7.66 7.84 8.36 8.53 8.71 8.88 9.06 9.23 8.20 8.81 9.41 6.80 7.14 8.01 8.19 13.89 14.25 14.61 14.97 15.33 15.70 16.06 16.43 14.34 14.71 15.09 15.46 15.84 16.21 16.59 16.97 14.79 15.18 15.57 15.95 16.34 16.73 17.12 17.51 15.25 15.65 16.05 16.44 16.85 17.25 17.65 18.05 15.70 16.11 16.53 16.94 17.35 17.77 18.18 18.60 3.97 4.55 1.15 1.72 2.30 2.88 3.46 20.80 21.35 21.90 22.46 23.01 23.57 24.13 24.69 21.27 21.83 22.40 22.97 23.53 24.10 24.68 25.25 21.74 22.32 22.90 23.48 24.06 24.64 25.23 25.81 22.21 22.80 23.39 23.99 24.58 25.18 25.78 26.38 22.69 23.29 23.89 24.50 25.11 25.72 26.33 26.95 4.05 4.64 5.22 5.82 6.41 9.42 9.66 9.90 10.15 10.39 10.63 10.88 11.12 11.36 11.61 11.85 12.10 12.34 12.59 12.84 13.08 9.86 10.12 10.37 10.62 10.88 11.13 11.39 11.64 11.90 12.16 12.41 12.67 12.93 13.19 13.44 13.70 10.30 10.57 10.84 11.10 11.37 11.63 11.90 12.17 12.44 12.71 12.97 13.24 13.51 13.78 14.05 14.32 10.75 11.02 11.30 11.58 11.86 12.14 12.42 12.70 12.98 13.26 13.54 13.82 14.10 14.38 14.66 14.95 11.19 11.48 11.77 12.06 12.35 12.64 12.93 13.22 13.52 13.81 14.10 14.40 14.69 14.98 15.28 15.57 8.71 8.90 10.02 10.63 9.08 9.27 9.46 9.64 9.83 9.24 9.44 9.63 9.83 10.03 10.23 10.43 9.77 9.98 10.19 10.40 10.61 10.82 11.03 11.24 10.30 10.52 10.74 10.96 11.18 11.41 11.63 11.85 10.83 11.06 11.30 11.53 11.76 12.00 12.23 12.46 11.64 11.94 12.24 12.54 12.85 13.15 13.45 13.75 14.06 14.36 14.67 14.97 15.28 15.59 15.89 16.20 12.09 12.40 12.71 13.03 13.34 13.66 13.97 14.29 14.60 14.92 15.24 15.56 15.87 16.19 16.51 16.83 12.53 12.86 13.18 13.51 13.84 14.16 14.49 14.82 15.15 15.48 15.81 16.14 16.47 16.80 17.13 17.46 12.98 13.32 13.66 14.00 14.33 14.67 15.01 15.35 15.70 16.04 16.38 16.72 17.07 17.41 17.75 18.10 13.43 13.78 14.13 14.48 14.83 15.19 15.54 15.89 16.24 16.60 16.95 17.31 17.66 18.02 18.38 18.74 16.79 17.16 17.53 17.90 18.27 18.63 19.00 19.38 17.35 17.73 18.11 18.49 18.87 19.25 19.63 20.02 17.90 18.29 18.69 19.08 19.47 19.87 20.26 20.66 18.46 18.86 19.27 19.67 20.08 20.49 20.90 21.31 19.01 19.43 19.85 20.27 20.69 21.11 21.53 21.95 18.47 18.95 19.44 19.93 18.93 19.43 19.93 20.43 19.40 19.91 20.42 20.94 19.86 20.39 20.91 21.44 21.97 20.33 20.87 21.41 21.95 22.49 16.16 16.58 17.01 17.43 17.86 18.29 18.71 19.14 19.57 20.00 20.43 20.87 21.30 21.73 22.17 22.60 16.62 17.06 17.49 17.93 18.37 18.81 19.25 19.69 20.13 20.58 21.02 21.46 21.91 22.36 22.81 23.25 17.08 17.53 17.98 18.43 18.88 19.33 19.78 20.24 20.69 21.15 21.61 22.07 22.52 22.99 23.45 23.91 17.54 18.00 18.46 18.93 19.39 19.86 20.32 20.79 21.26 21.73 22.20 22.67 23.14 23.61 24.09 24.56 18.00 18.48 18.95 19.43 19.90 20.38 20.86 21.34 21.82 22.30 22.19 23.27 23.76 24.25 24.73 25.22 20.42 20.91 21.40 21.89 22.39 22.88 23.38 23.88 24.38 24.88 25.38 25.88 20.93 21.44 21.94 22.45 22.96 23.47 23.98 24.49 25.00 25.51 26.03 26.55 21.45 21.97 22.49 23.01 23.53 24.05 24.57 25.10 25.62 26.15 26.6A 27.21 22.50 23.03 23.57 24.10 24.64 25.17 25.71 26.25 26.79 27.33 27.88 23.03 23.58 24.12 24.67 25.22 25.77 26.32 26.88 27.43 27.99 25.25 25.81 26.37 26.94 27.51 28.08 28.65 29.22 25.82 26.40 26.98 27.56 28.14 28.72 29.31 29.89 26.40 26.99 27.58 28.18 28.77 29.37 29.97 30.57 26.98 27.59 28.19 28.80 29.41 30.02 30.63 31.24 27.56 28.18 28.80 29.42 30.04 30.67 31.29 31.92 28.55 23.16 23.78 24.40 25.02 25.64 26.26 26.89 27.52 28.15 28.78 29.41 30.05 23.64 24.27 24.90 25.53 26.17 26.81 27.45 28.09 28.73 29.38 30.02 30.67 24.11 24.76 25.40 26.05 26.70 27.35 28.00 28.66 29.32 29.98 30.64 31.30 24.59 25.25 25.91 26.57 27.23 27.90 28.56 29.23 29.91 30.58 31.25 31.93 25.07 25.74 26.41 27.09 27.77 28.44 29.13 29.81 30.50 31.18 31.87 32.56 25.55 26.23 26.92 27.61 28.30 28.99 29.69 30.39 31.09 31.79 32.49 33.20 33.91 34.62 35.33 36.04 26.03 26.73 27.43 28.13 28.84 29.54 30.25 30.97 31.68 32.39 33.11 33.83 34.56 35.28 36.01 36.74 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 30.68 31.32 31.96 32.60 31.32 31.98 32.63 33.29 31.97 32.63 33.30 33.97 32.61 33.29 33.98 34.66 33.26 33.95 34.65 35.35
Transcribed Image Text:TABLE 13-1 Annual Percentage Rate (APR) Finance Charge per $100 ANNUAL PERCENTAGE RATE TABLE FOR MONTHLY PAYMENT PLANS SEE INSTRUCTIONS FOR USE OF TABLES ANNUAL PERCENTAGE RATE NUMBER 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) 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 45 46 48 49 50 51 52 53 54 55 56 57 58 59 60 0.83 0.85 0.87 0.90 0.92 0.94 0.96 0.98 1.25 1.28 1.31 1.35 1.38 1.41 1.44 1.47 1.67 1.71 1.76 1.80 1.84 1.88 1.92 1.96 2.09 2.14 2.20 2.25 2.30 2.35 2.41 2.46 2.51 2.58 2.64 2.70 2.77 2.83 2.89 2.96 2.94 3.01 3.08 3.16 3.23 3.31 3.38 3.36 3.45 3.53 3.62 3.70 3.78 3.87 3.79 3.88 3.98 4.07 4.17 4.26 4.36 4.21 4.32 4.43 4.53 4.64 4.75 4.85 4.64 4.76 4.88 4.99 5.11 5.23 5.35 7.23 7.67 8.10 8.54 8.76 8.98 9.21 3.75 3.83 3.90 3.45 3.53 3.60 3.68 3.95 4.04 4.12 4.21 4.29 4.38 4.47 4.46 4.55 4.65 4.74 4.84 4.94 5.03 4.96 5.07 5.17 5.28 5.39 5.49 5.60 5.46 5.58 5.70 5.82 5.94 6.05 6.17 6.29 5.13 5.71 7.41 7.60 7.78 7.97 8.15 8.34 8.53 7.86 8.06 8.25 8.45 8.65 8.84 8.31 8.52 8.73 8.93 9.14 9.35 8.98 9.20 9.42 9.64 9.86 9.44 9.67 9.90 10.13 10.37 9.04 9.56 10.08 10.60 FRB-103-M 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.50 1.53 1.57 1.60 1.63 1.66 1.69 2.01 2.05 2.09 2.13 2.17 2.22 2.26 2.51 2.57 2.62 2.67 2.72 2.78 2.83 3.02 3.08 3.15 3.21 3.27 3.34 3.40 6.10 6.23 6.36 7.01 5.07 5.20 5.50 5.64 5.93 6.08 6.36 5.33 5.45 5.58 5.71 5.84 5.97 6.49 6.62 6.75 6.88 5.78 5.92 6.06 6.20 6.34 6.48 6.62 6.76 6.90 7.04 7.18 7.32 7.46 7.60 6.23 6.38 6.53 6.68 6.84 6.99 7.14 7.29 7.44 7.59 7.75 7.90 8.05 6.52 6.69 6.85 7.01 7.17 7.34 7.50 7.66 7.82 7.99 8.15 8.31 8.48 8.64 6.97 7.32 7.49 7.66 7.84 8.36 8.53 8.71 8.88 9.06 9.23 8.20 8.81 9.41 6.80 7.14 8.01 8.19 13.89 14.25 14.61 14.97 15.33 15.70 16.06 16.43 14.34 14.71 15.09 15.46 15.84 16.21 16.59 16.97 14.79 15.18 15.57 15.95 16.34 16.73 17.12 17.51 15.25 15.65 16.05 16.44 16.85 17.25 17.65 18.05 15.70 16.11 16.53 16.94 17.35 17.77 18.18 18.60 3.97 4.55 1.15 1.72 2.30 2.88 3.46 20.80 21.35 21.90 22.46 23.01 23.57 24.13 24.69 21.27 21.83 22.40 22.97 23.53 24.10 24.68 25.25 21.74 22.32 22.90 23.48 24.06 24.64 25.23 25.81 22.21 22.80 23.39 23.99 24.58 25.18 25.78 26.38 22.69 23.29 23.89 24.50 25.11 25.72 26.33 26.95 4.05 4.64 5.22 5.82 6.41 9.42 9.66 9.90 10.15 10.39 10.63 10.88 11.12 11.36 11.61 11.85 12.10 12.34 12.59 12.84 13.08 9.86 10.12 10.37 10.62 10.88 11.13 11.39 11.64 11.90 12.16 12.41 12.67 12.93 13.19 13.44 13.70 10.30 10.57 10.84 11.10 11.37 11.63 11.90 12.17 12.44 12.71 12.97 13.24 13.51 13.78 14.05 14.32 10.75 11.02 11.30 11.58 11.86 12.14 12.42 12.70 12.98 13.26 13.54 13.82 14.10 14.38 14.66 14.95 11.19 11.48 11.77 12.06 12.35 12.64 12.93 13.22 13.52 13.81 14.10 14.40 14.69 14.98 15.28 15.57 8.71 8.90 10.02 10.63 9.08 9.27 9.46 9.64 9.83 9.24 9.44 9.63 9.83 10.03 10.23 10.43 9.77 9.98 10.19 10.40 10.61 10.82 11.03 11.24 10.30 10.52 10.74 10.96 11.18 11.41 11.63 11.85 10.83 11.06 11.30 11.53 11.76 12.00 12.23 12.46 11.64 11.94 12.24 12.54 12.85 13.15 13.45 13.75 14.06 14.36 14.67 14.97 15.28 15.59 15.89 16.20 12.09 12.40 12.71 13.03 13.34 13.66 13.97 14.29 14.60 14.92 15.24 15.56 15.87 16.19 16.51 16.83 12.53 12.86 13.18 13.51 13.84 14.16 14.49 14.82 15.15 15.48 15.81 16.14 16.47 16.80 17.13 17.46 12.98 13.32 13.66 14.00 14.33 14.67 15.01 15.35 15.70 16.04 16.38 16.72 17.07 17.41 17.75 18.10 13.43 13.78 14.13 14.48 14.83 15.19 15.54 15.89 16.24 16.60 16.95 17.31 17.66 18.02 18.38 18.74 16.79 17.16 17.53 17.90 18.27 18.63 19.00 19.38 17.35 17.73 18.11 18.49 18.87 19.25 19.63 20.02 17.90 18.29 18.69 19.08 19.47 19.87 20.26 20.66 18.46 18.86 19.27 19.67 20.08 20.49 20.90 21.31 19.01 19.43 19.85 20.27 20.69 21.11 21.53 21.95 18.47 18.95 19.44 19.93 18.93 19.43 19.93 20.43 19.40 19.91 20.42 20.94 19.86 20.39 20.91 21.44 21.97 20.33 20.87 21.41 21.95 22.49 16.16 16.58 17.01 17.43 17.86 18.29 18.71 19.14 19.57 20.00 20.43 20.87 21.30 21.73 22.17 22.60 16.62 17.06 17.49 17.93 18.37 18.81 19.25 19.69 20.13 20.58 21.02 21.46 21.91 22.36 22.81 23.25 17.08 17.53 17.98 18.43 18.88 19.33 19.78 20.24 20.69 21.15 21.61 22.07 22.52 22.99 23.45 23.91 17.54 18.00 18.46 18.93 19.39 19.86 20.32 20.79 21.26 21.73 22.20 22.67 23.14 23.61 24.09 24.56 18.00 18.48 18.95 19.43 19.90 20.38 20.86 21.34 21.82 22.30 22.19 23.27 23.76 24.25 24.73 25.22 20.42 20.91 21.40 21.89 22.39 22.88 23.38 23.88 24.38 24.88 25.38 25.88 20.93 21.44 21.94 22.45 22.96 23.47 23.98 24.49 25.00 25.51 26.03 26.55 21.45 21.97 22.49 23.01 23.53 24.05 24.57 25.10 25.62 26.15 26.6A 27.21 22.50 23.03 23.57 24.10 24.64 25.17 25.71 26.25 26.79 27.33 27.88 23.03 23.58 24.12 24.67 25.22 25.77 26.32 26.88 27.43 27.99 25.25 25.81 26.37 26.94 27.51 28.08 28.65 29.22 25.82 26.40 26.98 27.56 28.14 28.72 29.31 29.89 26.40 26.99 27.58 28.18 28.77 29.37 29.97 30.57 26.98 27.59 28.19 28.80 29.41 30.02 30.63 31.24 27.56 28.18 28.80 29.42 30.04 30.67 31.29 31.92 28.55 23.16 23.78 24.40 25.02 25.64 26.26 26.89 27.52 28.15 28.78 29.41 30.05 23.64 24.27 24.90 25.53 26.17 26.81 27.45 28.09 28.73 29.38 30.02 30.67 24.11 24.76 25.40 26.05 26.70 27.35 28.00 28.66 29.32 29.98 30.64 31.30 24.59 25.25 25.91 26.57 27.23 27.90 28.56 29.23 29.91 30.58 31.25 31.93 25.07 25.74 26.41 27.09 27.77 28.44 29.13 29.81 30.50 31.18 31.87 32.56 25.55 26.23 26.92 27.61 28.30 28.99 29.69 30.39 31.09 31.79 32.49 33.20 33.91 34.62 35.33 36.04 26.03 26.73 27.43 28.13 28.84 29.54 30.25 30.97 31.68 32.39 33.11 33.83 34.56 35.28 36.01 36.74 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 30.68 31.32 31.96 32.60 31.32 31.98 32.63 33.29 31.97 32.63 33.30 33.97 32.61 33.29 33.98 34.66 33.26 33.95 34.65 35.35
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 Number of Financed Payments $17,950 48 Monthly Payment $532.47 Finance Charge $7176.56 X Finance Charge per $100 $39.98 X 17.59 APR X %
Transcribed Image Text: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 Number of Financed Payments $17,950 48 Monthly Payment $532.47 Finance Charge $7176.56 X Finance Charge per $100 $39.98 X 17.59 APR X %
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