Question

Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,700 at 12% add-on interest for 3 years. (Round your monthly paymentto the nearest cent.)
$ interest

$ per month


If the principal P = $400, the interest I = $200, and the rate r = 10%, find the following.
(a) What is the time?
years

(b) What is the future value?


A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.)
List price $ 5,368.00
Options $ 1,625.00
Destination charges $ 200.00
Subtotal $ 7,193.00
Tax $ 431.58
Less trade-in $ 2,932.00
Amount to be financed $ 4,692.58
8% interest for 48 months $ 1,501.63
MONTHLY PAYMENT $ 129.05
%

4.A car dealer will sell you the $16,450 car of your dreams for $3,240 down and payments of $339.98 per month for 48 months. What is the total amount paid for both carand financing? (Round your answer to the nearest cent.)
$

5.Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that themonth is 30 days long. (Round your answer to the nearest cent.)
$500 balance, 20% rate, $50 payment, average daily balance method
$

6.Suppose you have a $1,000 charge on a credit card charging 1.5% monthly interest using the adjusted balance method. The minimum payment due in May is $30. How muchwill you save in interest charges in June by paying $60 instead?
$
7.Suppose you see a car with an advertised price of $26,300 at $594.10 per month for 5 years. What is the amount of interest paid?
$

8. Convert the following credit card rate to the APR.
Oregon, 1 3/4% per month
%


Seen 1 years ago byMadison

1 Answer