Concept explainers
(a)
To calculate: The finance charge and new balance if the annual percentage rate is
(b)
To calculate: The finance charge and new balance if the annual percentage rate is
(c)
To calculate: The finance charge and new balance if the annual percentage rate is
Want to see the full answer?
Check out a sample textbook solutionChapter 13 Solutions
Contemporary Mathematics for Business and Consumers
- Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472arrow_forwardCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to th nearest cent.) tA Balance: $400 Rate: 16% Payment: $50 Method: Adjusted balancearrow_forwardCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $3000 balance, 18%, $2,500 payment previous balance method$ 45 adjusted balance method$ 7.50average daily balance method $ ?arrow_forward
- ASAP PLEASEarrow_forwardCalculate the monthly mortgage payment. Round to the nearest cent. $160,000 is financed for 30 years at 3.5% APR No hand written solution and no imagearrow_forwardCarla borrowed $1,310 from the Royal Bank at 7.9% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $200 per month. Construct a complete repayment schedule treating each month as 1/12 of a year. Do not include the dollar sign in your answers. Do not include the comma usually used to denote thousands. Calculate the sum of the Amount Paid column. Calculate the sum of the Interest Paid column.arrow_forward
- Over the previous period, your company had accounts receivable of $95,800 and credit sales of $573,229.51. Calculate the average collection period (in days). (Round to the nearest day.) ___________daysarrow_forwardConsider a $200 T-bill calculated as a simple discount loan. The annual simple discount rate is 18% and the length is set to be 14 months. Find the pric of the T-bill, the interest earned, and the simple interest rate paid on the bill. Price of the T-bill = 158.24 dollars. Total interest earned when $200 T-bill is redeemed = dollars. Simple interest rate earned - percent (round to 2 decimal places).arrow_forwardFind the minimum payment on an unpaid balance of $1,416.02. Assume that the minimum payment on a credit card is the greater of $14 or 2% of the unpaid balance. The minimum payment is $ (Round to the nearest cent as needed.)arrow_forward
- Find the future value of the loan $800.00 loan at 8% for 3 months A. 821.00 B. 816.00 C. 1016.00 D. 992.00arrow_forwardThe principal is $3,000,000. Mortgage payments are paid monthly. Compare the mortgage payments for a 15-year( 2.25%)and 30-year(3%) fixed-rate mortgage.arrow_forwardLindsey borrowed $1003.00 from the Central Bank at 8.1% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $220.00 per month. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid 0 1 2 3 4 $1003.00 $789.77 $575.10 $ $220.00 $220.00 $220.00 $220.00 Interest Paid $6.76 $5.33 $ 3.88 $ Principal Repaid $213.24 $ 214.67 $216.12 Balance After Payment $1003.00 $789.76 $575.10 $358.98 $arrow_forward
- Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill EducationMathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
- Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSONDiscrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education