Calculate the Finance Charge and Monthly Payment for the Following

question 55

Short Answer

Calculate the finance charge and monthly payment for the following loan using the APR tables, Table 13-1 from your text, rounding dollars to the nearest cent. $\begin{array}{llllll}\text { Amount } & \text { Number of } & & \text { Table } & \text { Finance } & \text { Monthly } \\ \underline{\text { Financed }} & \underline{ \text { Payments }} & \underline{\text { APR }} & \underline{\text { Factor }} & \underline{ \text { Charge }} & \underline{ \text { Payment }}\\\$5,000&24&13.25\%\end{array}$

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Definitions:

Air Pressure

The force exerted onto a surface by the weight of the air above that surface in the Earth's atmosphere; varies with altitude and weather conditions.

Interglacial Period

A phase of warmer global temperatures occurring between glacial periods during an ice age.

Surface Temperature

The temperature of an object or material at its outer boundary or surface.

Fluctuations

Variations or changes in a state or quality over time, often seen in economic, environmental, or physical systems.