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