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
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EBK CONTEMPORARY MATHEMATICS FOR BUSINE
- 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_forwardBoyd purchases a snow blower costing $1,772 by taking out a 15.5% add-on installment loan. The loan requires a 35% down payment and equal monthly payments for 2 years. How much is the finance charge on this loan? O $274.66 $357.06 $549.32 $620.20arrow_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_forward
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- Consider 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_forwardFind 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_forward
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