Steven wants to buy a new couch priced at $591 and agrees to pay for it over two years with a finance charge of 4.3% simple annual interest. How much will his monthly payment be? State your answer in terms of dollars rounded to the nearest cent (hundredth). Carl purchased a $385 car stereo at Worst Buy. He paid $25 at the time of purchase and agreed to pay the balance in 12 equal monthly payments. The finance charge was 14% simple annual interest. What was the amount of each payment? State your answer in terms of dollars rounded to the nearest cent (hundredth). Sammy wants to buy a new stereo priced at $449. He enters into an agreement to pay $21 a month for 24 months. How much will the finance charge be for this purchase?

Steven wants to buy a new couch priced at $591 and agrees to pay for it over two years with a finance charge of 4.3% simple annual interest. How much will his monthly payment be? State your answer in terms of dollars rounded to the nearest cent (hundredth). Carl purchased a $385 car stereo at Worst Buy. He paid $25 at the time of purchase and agreed to pay the balance in 12 equal monthly payments. The finance charge was 14% simple annual interest. What was the amount of each payment? State your answer in terms of dollars rounded to the nearest cent (hundredth). Sammy wants to buy a new stereo priced at $449. He enters into an agreement to pay $21 a month for 24 months. How much will the finance charge be for this purchase?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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