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Calculating the finance charge rebate

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Question - Miguel purchased a hot tub costing $5,090 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $173.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.

-Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,100.

On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,700, and on October 19 they borrowed $4,200. If the current prime rate is 6%, what is the new balance (in $)? (Round your answer to the nearest cent.)

Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $985 per month, and the total finance charge is $9,360.

After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $).

Reference no: EM132928037

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