About the finance charge, Samir purchased a car for

About the finance charge

Assignment Help Financial Management

Reference no: EM13971856

Samir purchased a car for $40,000. He made a down payment of $18,000 and paid $694.47 monthly for 3 years. Find the APR from the table below.

Annual Percentage Rate

6.0% 6.5% 7.0% 7.5% 8.0% 8.5%

Number of Payments 36

$9.52 $10.34 $11.16 $11.98 $12.81 $13.64

(Finance charge per $100 of amount financed)

Annual Percentage Rate

9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0%

Number of Payments 36

$14.48 $15.32 $16.16 $17.01 $17.86 $18.71 $19.57

(Finance charge per $100 of amount financed)

A) 7.0% B) 7.5% C) 8.0% D) 8.5%

Reference no: EM13971856

Questions Cloud

Does the above bond sell at discount : Charles City Hospital plans on issuing a tax-exempt bond at the bond is $1,000. At what required market rate (3,6, or 12 percent) does the above bond sell at a discount? At a premium?

What is the cash flow to creditors : Quarles Industries had the following operating results for 2015: sales = $29,580; cost of goods sold = $19,610; depreciation expense = $5,140; interest expense = $2,490; dividends paid = $1,300. What is net income for 2015? What is the cash flow from..

Procedures established to prevent or detect errors or fraud : Internal control consists of the policies and procedures established to prevent or detect errors or fraud. The internal control structure is the cornerstone to good financial practices. Review the Management Antifraud Programs and Controls (14-step p..

Several advisors to the secretary of the treasury : As one of several advisors to the U.S. Secretary of the Treasury, you have been asked to submit a memo in connection with the average maturity of the obligations of the federal government. The basic premise is that the average maturity is far too sho..

About the finance charge : Samir purchased a car for $40,000. He made a down payment of $18,000 and paid $694.47 monthly for 3 years. Find the APR from the table below. Finance charge per $100 of amount financed

Return on the rush corporation in the state of recession : The return on the Rush Corporation in the state of recession is estimated to be -23% and the return on Rush in the state of boom is estimated to be 34%. Given this information, what is the covariance between Rush and Oberman if there is a 0.40probabi..

Are financial statements always transparent : Are financial statements always transparent? How can financial statements be manipulated to show short-term gains? Present some real-life cases.

What is the value of the depreciation tax shield in year : Keyser Mining is considering a project that will require the purchase of $875,000 in new equipment. The equipment will be depreciated straight-line to a zero book value over the 7-year life of the project. All of the net working capital will be recou..

What price will you receive a margin call : You buy 500 shares of stock at a price of $ 38.00 and an initial margin of 60 percent. If the maintenance margin is 30 percent, at what price will you receive a margin call?

User Account

All Pages