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August 1, 2014

Homework Help: Maths

Posted by Marty on Thursday, March 6, 2008 at 11:33am.

In order to make some home improvements, a home owner spent $40,000. He paid 20% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 7.5%. Determine the home owner’s a) total finance charge and b) monthly payment..

Use this partial APR table for finance charge per $100

Payments
Number Annual percentage rate
ofPmts 7.00% 7.50% 8.00% 8.50%
24 7.45 8.00 8.54 9.09
30 9.30 9.98 10.66 11.35
36 11.16 11.98 12.81 13.64

Each entry in the table represents finance charge/$100 at the given terms.

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