2. Given the following information about a credit card account, determine the average daily balance for the period, then determine the finance charge if the interest is 1.5% of the average daily balance, and then find the new balance at the end of the period. Previous Balance - $228.95 January 27 - Billing Date February 9 - Charge - $11.08 February 13 - Returns - $26.54 February 20 - Payment - $29 February 25 - Charge - $71.19 3. Find the annual percentage rate using the annual percentage rate table for the following. Amount Financed: $4500 Finance Charge: $1220 No. of Monthly Payments: 48 4. James buys a used car costing $12,800 with a $500 down payment and loan payments of $399 a month for 36 months. Determine the amount financed, the total installment cost, the total interest paid, and the APR on the loan.

2. Given the following information about a credit card account, determine the average daily balance for the period, then determine the finance charge if the interest is 1.5% of the average daily balance, and then find the new balance at the end of the period. Previous Balance - $228.95 January 27 - Billing Date February 9 - Charge - $11.08 February 13 - Returns - $26.54 February 20 - Payment - $29 February 25 - Charge - $71.19 3. Find the annual percentage rate using the annual percentage rate table for the following. Amount Financed: $4500 Finance Charge: $1220 No. of Monthly Payments: 48 4. James buys a used car costing $12,800 with a $500 down payment and loan payments of $399 a month for 36 months. Determine the amount financed, the total installment cost, the total interest paid, and the APR on the loan.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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