Landon Wallin is an auto mechanic who wishes to start his own business. He will need \( \$ 4200 \) to purchase tools and equipment. Landon decides to finance the purchase with a 60-month fixed installment loan with an APR of \( 4.5 \% \) . a) Determine Landon's finance charge. b) Determine Landon's monthly payment. Click the icon to view the partial APR table. a) Landon's finance charge is \( \$ \) . ___(Round to the nearest cent as needed.)
Solución de tutoría real
Respuesta rápida
a)\(P M T = \frac { \log x \frac { r } { 12 } } { 1 - ( 1 + \frac { r } { 12 } ) ^ { n } } \)
\(= \frac { 4200 \times \frac { 0.045 } { 12 } } { 1 - ( 1 + \frac { 0.045 } { 12 } ) } \)
\(P M T = 78 \cdot 3\)
Finance charge \( = 78.3 \times 60 - 4200 = \$ 498\)
b)
\(P M T = \$ 78.3\)
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