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[answered] 1. You have a $22,500 line of credit which charges an annua


I need help with the questions in the attachment. They are all different kinds of question. I am just not good at math and can not figure out this homework assignment.?


1. You have a $22,500 line of credit which charges an annual percentage rate of prime rate plus 5%.

 

Your starting balance on April 1 was $6,750. On April 5, you made a payment of $2,500. On April

 

14, you borrowed $5,100, and on April 17, you borrowed $3,800. If the current prime rate is 8%,

 

what is your new balance?

 

A. $15,885.12

 

B. $14,699.54

 

C. $13,150.14

 

D. $13,250.17

 

2. Your Office Supply has a $42,500 line of credit that charges an annual percentage rate of prime

 

rate plus 3%. Their starting balance on March 1 was $10,600. On March 5, they borrowed

 

$7,500. On March 14, the business made a payment of $3,300, and on March 18, they borrowed

 

$5,300. If the current prime rate is 9%, what is the new balance?

 

A. $27,583.43

 

B. $18,400.29

 

C. $26,100.00

 

D. $20,276.10

 

3. Alex wishes to take out an installment loan to finance the purchase of a lawn mower costing

 

$715. Her loan requires a 2.75% down payment and equal monthly payments of $125.78 for 9

 

months. What is the amount of the finance charge on this loan?

 

A. $425.47

 

B. $430.64

 

C. $417.02

 

D. $436.68

 

4. Boyd purchases a snow blower costing $1,752 by taking out a 13.5% 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?

 

A. $425.15

 

B. $307.48

 

C. $391.04

 

D. $407.25

 

5. Mariann purchases a kitchen set costing $3,480 by taking out an 12% add-on installment loan.

 

The loan requires a 25% down payment and equal monthly payments for 3 years. How much are

 

Mariann's monthly payments?

 

A. $98.60

 

B. $105.33

 

C. $126.49

 

D. $92.67

 

6. Orestes purchases a patio set costing $2,430 by taking out an 12.5% add-on installment loan.

 

The loan requires a 20% down payment and equal monthly payments for 3 years. How much are

 

Orestes? monthly payments?

 

A. $74.25

 

B. $96.49

 

C. $125.33

 

D. $82.67

 

7. Eddy purchased a club membership costing $2,530. He made a down payment of $530 and

 

financed the balance with an installment loan for 48 months. If the payments are $59.27 each

 

month, use Table 13-1 from your text to find the APR. A. 19.75%

 

B. 16.00%

 

C. 17.50%

 

D. 18.50%

 

8. Ted purchased a speedboat costing $15,800 by taking out an installment loan. He made a down

 

payment of $4,000 and financed the balance for 36 months. If the payments are $383.53 each

 

month, find the APR using Table 13-1.

 

A. 8.50%

 

B. 10.75%

 

C. 10.50%

 

D. 10.00%

 

9. You take out an installment loan to purchase a time-share costing $18,000. You make a down

 

payment of $2,700 and finance the balance by making monthly payments of $762 for 24

 

months. Use Table 13-1 from your text to find the APR.

 

A. 18.00%

 

B. 18.25%

 

C. 17.75%

 

D. 17.50%

 

10. You wish to finance the purchase of a boat home for $38,600. A finance company offers an APR

 

of 10% on a 24- month installment loan. After using Table 13-1 from your text to find the finance

 

charge, calculate the monthly payment.

 

A. $1,619.08

 

B. $1,769.17

 

C. $1,781.23

 

D. $1,608.33

 

11. A bank offers a 24-month installment loan with an APR of 10.5%. Martha wishes to use the loan to

 

finance a sofa for $1,000. After using Table 13-1 from your text to find the finance charge, calculate the

 

monthly payment.

 

A. $41.67

 

B. $46.38

 

C. $52.97

 

D. $46.04

 

12. A finance company offers a 24-month installment loan with an APR of 13.5%. Robert wishes to use

 

the loan to finance a delivery truck for $31,200. After using Table 13-1 from your text to find the finance

 

charge, calculate the monthly payment.

 

A. $1,651.00

 

B. $1,475.50

 

C. $1,490.58

 

D.$612.11 13. May finances a refrigerator for $1,250 by taking out an installment loan for 48 months. The payments

 

are $38.54 per month and the total finance charge is $599.92. After 30 months, May decided to pay off

 

the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find her loan payoff.

 

A. $606.49

 

B. $824.96

 

C. $425.04

 

D. $896.96

 

14. Scott finances a Jet Ski for $4,600 by taking out an installment loan for 48 months. The payments are

 

$153.33 per month and the total finance charge is $2,759.84. After 36 months, Scott decided to pay off

 

the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find his loan payoff.

 

A. $1,656.91

 

B. $1,562.97

 

C. $276.99

 

D. $1,839.96

 

15. Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The

 

payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to

 

pay off the loan. After calculating the finance charge rebate, find your loan payoff, using the "Rule-of-78."

 

A. $7,623.77

 

B. $5,476.23

 

C.$11,790.00

 

D. $9,406.23

 


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