tailieunhanh - Lecture Practical business math procedures (10/e): Chapter 14 - Jeffrey Slater
Chapter 14 - Installment buying, rule of 78, and revolving charge credit cards. In this chapter, the learning objectives are: Calculate the amount financed, finance charge, and deferred payment, calculate the estimated APR by table lookup, calculate the monthly payment by formula and by table lookup, calculate the finance charges on revolving charge credit card accounts. | Chapter 14 Installment Buying, Rule of 78, and Revolving Charge Credit Cards Calculate the amount financed, finance charge, and deferred payment Calculate the estimated APR by table lookup Calculate the monthly payment by formula and by table lookup Installment Buying, Rule of 78, and Revolving Charge Credit Cards #14 Learning Unit Objectives Cost of Installment Buying Calculate the rebate and payoff for Rule of 78 Installment Buying, Rule of 78, and Revolving Charge Credit Cards #14 Learning Unit Objectives Paying Off Installment Loan before Due Date Calculate the finance charges on revolving charge credit card accounts Installment Buying, Rule of 78, and Revolving Charge Credit Cards #14 Learning Unit Objectives Revolving Charge Credit Cards Finance charge (FC) - the interest charge. FC = Total of all - Amount monthly payments financed Installment loan - a loan paid of in a series of equal periodic payments. Payments include interest and . | Chapter 14 Installment Buying, Rule of 78, and Revolving Charge Credit Cards Calculate the amount financed, finance charge, and deferred payment Calculate the estimated APR by table lookup Calculate the monthly payment by formula and by table lookup Installment Buying, Rule of 78, and Revolving Charge Credit Cards #14 Learning Unit Objectives Cost of Installment Buying Calculate the rebate and payoff for Rule of 78 Installment Buying, Rule of 78, and Revolving Charge Credit Cards #14 Learning Unit Objectives Paying Off Installment Loan before Due Date Calculate the finance charges on revolving charge credit card accounts Installment Buying, Rule of 78, and Revolving Charge Credit Cards #14 Learning Unit Objectives Revolving Charge Credit Cards Finance charge (FC) - the interest charge. FC = Total of all - Amount monthly payments financed Installment loan - a loan paid of in a series of equal periodic payments. Payments include interest and principal. Amount financed (AF)- the amount actually borrowed. AF = Cash Price - Down Payment Deferred payment price (DPP) - the total of all monthly payments plus the down payment. DPP = Total of all + Down monthly payments payment Cost of Installment Buying Cost of Installment Buying Mary Wilson would like to buy a boat that cost $9,345. If she puts down $300 she can finance the balance for 60 months at (monthly payment = $). Calculate the amount financed, finance charge, and deferred payment price. Amount financed = Cash price - Down payment $9,045 = $9,345 - $300 Finance Charge = Total of all - Amount monthly payments financed $2, = $11, - $9,045 ($ x 60) Deferred payment = Total of all + Down Price monthly payment payments $11, = $11, + $300 Calculating APR by Table Step 1. Divide the finance charge by amount financed and multiply by $100 to get the table lookup factor. Step 2. Go to APR Table . At the left side of the table are .
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