36 months. The total finance charge was $4,633. Use the table of interest per S100 toJim Meriweather purchased an engraving machine for $26,000 and financed itfind the annual percentage rate.E Click the icon to view the table of interest per $100 of amount financed.The annual percentage rate is %. (Type an integer or a decimal.) Numberof monthlypayments 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%APR (Annual Percentage Rate)3516.94 17.3517.7718.18 18.6019.0119.4319.8520.2720.6921.1121.5321.953617.4317.8618.2918.7119.14 19.57 20.00 20.4320.8721.3021.7322.1722.603717.9318.3718.8119.2519.6920.1320.5821.0221.4621.9122.3622.8123.25

Cost of machine = $26,000 Financed time = 36 months Financial charges = $4,633

Answered: Jim Meriweather purchased an engraving…

Jim Meriweather purchased an engraving machine for $26,000 and financed it for 36 months. The total finance charge was $4,633. Use the table of interest per $100 ind the annual percentage rate.

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

Section: Chapter Questions

Problem 1PS

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Question

36 months. The total finance charge was $4,633. Use the table of interest per S100 to
Jim Meriweather purchased an engraving machine for $26,000 and financed it
find the annual percentage rate.
E Click the icon to view the table of interest per $100 of amount financed.
The annual percentage rate is %. (Type an integer or a decimal.)

Number
of monthly
payments 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%
APR (Annual Percentage Rate)
35
16.94 17.35
17.77
18.18 18.60
19.01
19.43
19.85
20.27
20.69
21.11
21.53
21.95
36
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
37
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

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