Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
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.
### 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.
Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.