$368.78; Monthly payment $443.23 Total finance charge Total finance charge $368.
ID: 3138106 • Letter: #
Question
$368.78; Monthly payment $443.23 Total finance charge Total finance charge $368.78; Monthly payment $221.62 2) Use an annual percentage rate table to solve the problem. In order to make some home improvements, a home owner spent $20,000. He paid 15% as a down paym and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4ss. Determine the home owner's total finance charge and monthly payment Total finance charge $2920.60, Monthly payment $553.35 Total finance charge $2562.00; Monthly payment- $626.72 ? Total finance charge-si 00640; Monthly payment-$500 18 ? Total finance charge = $1205.30; Monthly payment = $505.70 3) Use an annual percentage rate table to solve the problem. A family purchased a new ski boat for $18.500. The loan agency required a is% down payment and financ Search the web and WindowsExplanation / Answer
Total amount spent = $20,000
Down payment made is 15%. i.e 15% of 20,000 = 3000
Remaining amount $17000, he made payments through EMI
The APR charged is 4.5% for the period of 36 months on an amount of $17, 000
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
P = loan amount
R is APR per month
N = no.of months
We get the payment of EMI as $505.70
Total finance charge is$505.70 for 36 months, which implies a total of 18205.2
The extra finance charged is 18205.2-17000 = $ 1205.2
Option D is the answer.
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