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Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out...

Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors.


Cash Price $7,880
Down payment $0
Annual Percentage Rate 14.53%
Deferred price $11,131.80 or 60 payments at $185.53 per month

a. Calculate the amount financed.

Amount financed            $

b. Calculate the finance charge. (Round your answer to the nearest cent.)

Finance change            $

c. Calculate the APR by table lookup. (Use Table 14.1(b)) (Round your answers to 2 decimal places.)

APR:            between % and %

d. Calculate the monthly payment by formula. (Round your answer to the nearest cent.)

Monthly payment by formula            $

e. Calculate the monthly payment by table lookup at 14.50%. (Use Table 14.2) (Round your answer to the nearest cent.)

Monthly payment by table lookup            $

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