Question

In: Finance

What is the finance charge and APR?

Amount
Financed		 Number of
Payments		 Monthly
Payment		 Finance
Charge		 APR
$18,100 72 $426.08 $ %

What is the finance charge and APR?

Solutions

Expert Solution

Finance Charge =Number of Payment*Monthly Payment-Amount Financed =72*426.08-18100 =12577.76

APR using financial calculator
N=72;PMT=426.08;PV=-18100;CPT I/Y =1.6065%

APR =12*1.6065% =19.28%

jeff jeffy answered 2 years ago
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