1. From this partial advertisement: Used car $93.38 per month for 60 months Cash price $4,200...

1. From this partial advertisement:

Used car

$93.38 per month for 60 months

Cash price $4,200

Down payment $50

a. Calculate the amount financed.

b. Calculate the finance charge. (Do not round intermediate calculations. Round your answer to the nearest cent.)

c. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.)

d. Calculate the APR by formula. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.)

e. Calculate the monthly payment (by formula). (Do not round intermediate calculations. Round your answer to the nearest cent.)

Expert Solution

While calculating monthly payment in part e, use APR rate as 12.5064% (Do not use rounded off APR)

jeff jeffy answered 7 months ago

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