Installment Loans Answers

The Great Outdoors is having a sale on their road bikes. The store is also offering financing to those who qualify. The road bike that you are interested in is a Bianrekmondiant that is on sale for $2,199. The sales associate informs you that the closed-end installment loan offered by the store is a 36 month installment plan with monthly payments of $82.83. Determine the finance charge (interest) of the installment loan.

# of Monthly PaymentsAnnual Percentage Rate (APR) 10%11%12%13%14%15%16%17%18%177.678.459.2410.0310.8211.6212.4213.2314.04188.108.939.7710.6111.4512.2913.1413.9914.85Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and used that money as a down payment for the new sports car. He financed the vehicle at 10% APR over 48 months. He received a bonus check at work and paid off the loan after making 30 payments. Use the actuarial method formula and the table above to determine the amount of unearned interest given that your monthly payment is $659.43.

You are borrowing $4,000 to purchase a HD plasma TV using a 36 month installment plan. Determine the annual percentage rate (APR) using the APR formula given that the interest charge is $782.96. Round your answer to the nearest whole percent.

You purchase a new desktop computer for $2,200. You put a 6% down payment and $100 per month on a 24 month purchase plan. Determine the total finance charge.

Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76% APR over 48 months with a monthly payment of $619.71. Determine, from the information given, the installment price of the loan.

You have decided to purchase a new computer with the Amtel processor. The new processor is the latest release of the hyperduoraging core threading processors. You local computer store has a computer with this processor and is offering a 36 month installment plan to finance the computer. The store requires no down payment. The salesperson tells you that you can finance the computer with 36 monthly payments of $98.20. Determine the total amount paid.

You purchase a new motor scooter for $3,350. You put a 10% down payment and $108.08 per month on a 36 month purchase plan. Use the APR formula to determine the annual percentage rate to a tenth of a percent.

What is meant by the term total installment price?

Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76% APR over 48 months. Determine the amount financed from the given information.

You purchase a new laptop computer for $1,200. You put a 5% down payment and $55 per month on a 24 month purchase plan. What is the amount of the down payment?

You purchase a new laptop computer for $1,200. You put a 5% down payment and $55 per month on a 24 month purchase plan. What is the amount of the down payment?

Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76% APR over 48 months with a monthly payment of $619.15. Determine, from the given information, the finance charge.

You are going to college in the fall. You have just heard from your roommate and he asks you to bring the stereo system for the dorm room. You find the perfect system for $1750. You have to put 25% down and you can pay the balance in 18 equal installments. The clerk tells you that you will pay a total finance charge of $112. How much is the down payment and what is the total amount financed including the finance charge?

# of Monthly PaymentsAnnual Percentage Rate (APR) 11%12%13%14%15%16%17%18%19%115.586.106.627.147.668.188.709.229.49126.066.627.187.748.318.889.4510.0210.59Above is a table that gives the interest per every $100 financed. Use the table to determine the annual percentage rate for a 11 month loan that charges $6.62 per every $100 financed.

You have decided to purchase a new computer with the Amtel processor. The new processor is the latest release of the hyperduoraging core threading processors. You local computer store has a computer with this processor and is offering a 36 month installment plan to finance the computer. The store requires no down payment. The salesperson tells you that you can finance the computer with 36 monthly payments of $98.20. Determine the total amount paid.

What is meant by the term total installment price?

You are borrowing $4,000 to purchase a HD plasma TV using a 36 month installment plan. Determine the annual percentage rate (APR) using the APR formula given that the interest charge is $782.96. Round your answer to the nearest whole percent.

You are going to college in the fall. You have just heard from your roommate and he asks you to bring the stereo system for the dorm room. You find the perfect system for $1750. You have to put 25% down and you can pay the balance in 18 equal installments. The clerk tells you that you will pay a total finance charge of $112. How much is the down payment and what is the total amount financed including the finance charge?