Chuck Boyl saw the following advertisement for a used Volkswagen Bug and decided to work out...

Chuck Boyl saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors.

Cash price $7,830
Down payment $0
Annual percentage rate 12.53%
Deferred price $10,824.00 or 60 payments at $180.40 per month

a. Calculate the amount financed.

Amount financed-

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

Finance charge-

c. Calculate the APR by formula. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 1 decimal place.)

APR by formula- ___ %

d. Calculate the monthly payment by add-on-method. (Do not round intermediate calculations. Round your answer to the nearest cent.)

Monthly payment by add-on-method-

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

Monthly payment by formula-

Solutions

Expert Solution

jeff jeffy answered 1 year ago

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