Given: $140.10 per month; cash price $5,600; down payment $0
Cash or trade months with bank-approved credit; amount financed $5,600
Finance charge $2,806
Total payments $8,406
(Use the tables in the handbook.) The APR by table lookup is:
A) 17.25% - 17.50%
B) 17.00%
C) 16.75%
D) 16.50%
E) None of these
Correct Answer:
Verified
Q17: The Fair Credit and Charge Card Disclosure
Q18: The amount financed equals the cash price
Q19: The average daily balance is the same
Q20: Today most companies calculate the finance charge
Q21: Match the following terms with their definitions.
-Deferred
Q23: Mia Lane bought a high-definition television for
Q24: Most companies calculate the finance charge on
Q25: Match the following terms with their definitions.
-Finance
Q26: Jen purchased a condo in Naples, Florida,
Q27: Match the following terms with their definitions.
-Open-end
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