1.

Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Round your answers to the nearest cent.) (Use the loan amortization table)

Purchase price of a used car	Down payment	Number of monthly payments	Amount financed	Total of monthly payments	Total finance charge	APR
$4,435	$95	60	$4,340	$6,184.00	$1,844.00	15.5%

	Monthly Payment
By table	$
By formula	$

2.

Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.)

30-day billing cycle
9/16	Billing date	Previous balance				$ 2,700
9/19	Payment		$	67 cr.
9/30	Charge: Home Depot			1,850
10/3	Payment			67 cr.
10/7	Cash advance			77

Finance charge is 1.25% on average daily balance.

Average daily balance	$
Finance charge	$