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Calculate the following using Table 141:

(a) The amount financed
(b) The total finance charge
(c) The APR by table lookup

Note: Do not round intermediate calculations. Round the finance charge to the nearest cent.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|}
\hline \multicolumn{2}{|c|}{\begin{tabular}{l}
Purchase price of a \\
used car
\end{tabular}} & \multicolumn{2}{|c|}{ Down payment } & \begin{tabular}{l}
Number of monthly \\
payments
\end{tabular} & \multicolumn{2}{|c|}{\begin{tabular}{l}
Amount \\
financed
\end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l}
Total of monthly \\
payments
\end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l}
Total finance \\
charge
\end{tabular}} & \multirow[t]{2}{*}{ APR } \\
\hline[tex]$\$[/tex][tex]$ & 5,633 & $[/tex]\[tex]$ & 1,203 & 48 & $\$[/tex] & 4,430 & [tex]$\$[/tex][tex]$ & $[/tex]5,689.76[tex]$ & $[/tex]\[tex]$[/tex] & [tex]$1,259.70$[/tex] & \\
\hline
\end{tabular}

Sagot :

GinnyAnswer
Let's break down the problem into the steps required to find the amount financed, total finance charge, and the APR based on the given data.

### Given Data:
- Purchase price of a used car: [tex]$5,633 - Down payment: $[/tex]1,203
- Number of monthly payments: 48
- Total of monthly payments: [tex]$5,689.76 ### Step-by-Step Solution: #### (a) Amount Financed: The amount financed is calculated by subtracting the down payment from the purchase price. \[ \text{Amount Financed} = \text{Purchase Price} - \text{Down Payment} \] Substituting in the values: \[ \text{Amount Financed} = 5633 - 1203 = 4430 \] So, the amount financed is $[/tex]4,430.

#### (b) Total Finance Charge:
The total finance charge is computed by subtracting the amount financed from the total of monthly payments.

[tex]\[ \text{Total Finance Charge} = \text{Total of Monthly Payments} - \text{Amount Financed} \][/tex]

Substituting in the values:

[tex]\[ \text{Total Finance Charge} = 5689.76 - 4430 = 1259.70 \][/tex]

So, the total finance charge is [tex]$1,259.70. #### (c) APR by Table Lookup: To determine the APR, one typically looks up the value in a table, such as Table 141, based on the given values and terms. However, the exact table lookup details are not provided in this problem, and the result shows the APR as `None`. ### Summary: - Amount Financed: $[/tex]4,430
- Total Finance Charge: [tex]$1,259.70 - APR: To be determined by specific table lookup (as indicated by `None` in the result). So, the solution for the problem is: 1. Amount Financed: $[/tex]4,430
2. Total Finance Charge: $1,259.70
3. APR: Not specified (requires table lookup).

These steps outline the process for calculating the necessary values based on the given data.
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