## [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%,

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 &quot;Rule-of-78&quot;), 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 &quot;Rule-of-78&quot;), 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 &quot;Rule-of-78.&quot;

A. \$7,623.77

B. \$5,476.23

C.\$11,790.00

D. \$9,406.23

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