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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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