1. Complete the following table: Purchase price of product Porsche Macan Down Turbo payment $86,900 $48,500 Amount financed $ Number of monthly payments Amount of monthly payments 78 $648 Total of monthly Total finance payments charge $ $ 2. Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b)) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.) Purchase Number of price Down monthly of a used car payment payments $5,433 $1,103 48 Amount financed $ Total of monthly payments $5,489.76 Total finance charge $ APR (Click to select) 3. Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $5,773 By table By formula Down payment $1,273 Number of monthly payments 48 Amount financed $4,500 Total of monthly payments $5,829.76 Total finance charge $1,329.76 APR 13% Monthly Payment $ $ 4. 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.) (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $4,415 Down payment $85 Number of monthly payments 60 Amount financed $4,330 Total of monthly payments $6,164.00 Total finance charge $1,834.00 APR 15.5% By table By formula Monthly Payment $ $ 5. Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 9/16 Billing date 9/19 Payment Charge: Home 9/30 Depot 10/3 Payment 10/7 Cash advance 30-day billing cycle Previous balance $ 1,100 $ 51 cr. 1,05 0 51 cr. 61 Finance charge is 1.25% on average daily balance. $ Average daily balance $ Finance charge 6. Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,800. He put $2,100 down and financed the rest with a 48month, 7.5% loan. What is his monthly car payment by table lookup? (Use Table 14.2) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment $ 7. Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $58,000 loan at 4% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) Monthly payment $ 8. From this partial advertisement: $71.77 per month for 60 months $3,100 used car cash price $50 down payment a. Calculate the amount financed. Amount financed $ b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge $ c. Calculate the deferred payment price. (Round your answer to the nearest cent.) Deferred payment price $ d. Calculate the APR by (Use Table 14.1 and Table 14.1(b)). (Round your answers to 2 decimal places.) APR: between % and % e. Check monthly payment (by formula). (Round your answer to the nearest cent.) Monthly payment $ 9. Cody Lind's most recent credit card statement follows. His finance charge is 15% APR. Calculate Cody's average daily balance, finance charge and new balance. (Round your final answers to the nearest cent.) 9/2 9/7 9/13 9/17 9/28 30-day billing cycle Billing date $1,200 previous balance Payment $520 cr. Charge: Kohl's $540 Payment $410 cr. Charge: WalMart 160 Average daily balance $ $ Finance charge $ New balance 10. Jill bought a $580 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number 1 2 3 2% interest payment $ Amount of monthly payment $ $ $ $ $ $ $ $ $ $ $ Outstanding balance due $ Reduction in balance due $ Outstanding balance due $ 1. Complete the following table: Purchase price of product Porsche Macan Down Turbo payment $86,900 $48,500 Amount financed $ Number of monthly payments Amount of monthly payments 78 $648 38,400 Total of monthly Total finance payments charge $ $ 50,544 12,144 2. Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b)) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.) Purchase Number of price Down monthly of a used car payment payments $5,433 $1,103 48 Amount financed $ 4,330 Total of monthly payments $5,489.76 Total finance charge $ 1159.76 APR 12.00%to 12.25% 3. Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $5,773 By table By formula Down payment $1,273 Number of monthly payments 48 Amount financed $4,500 Total of monthly payments $5,829.76 Total finance charge $1,329.76 APR 13% Monthly Payment $ 120.74 $ 121.45 4. 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.) (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $4,415 Down payment $85 Number of monthly payments 60 Amount financed $4,330 Total of monthly payments $6,164.00 Total finance charge $1,834.00 APR 15.5% By table By formula Monthly Payment $ 104.14 $ 102.73 5. Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 9/16 Billing date 9/19 Payment Charge: Home 9/30 Depot 10/3 Payment 10/7 Cash advance 30-day billing cycle Previous balance $ 1,100 $ 51 cr. 1,05 0 51 cr. 61 Finance charge is 1.25% on average daily balance. $ Average daily balance 1,610.30 $ Finance charge 20.13 6. Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,800. He put $2,100 down and financed the rest with a 48month, 7.5% loan. What is his monthly car payment by table lookup? (Use Table 14.2) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment $307.09 7. Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $58,000 loan at 4% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) Monthly payment $ 907.42 8. From this partial advertisement: $71.77 per month for 60 months $3,100 used car cash price $50 down payment a. Calculate the amount financed. Amount financed $ 3,050 b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge $ 1,256.20 c. Calculate the deferred payment price. (Round your answer to the nearest cent.) Deferred payment price $ There is no defer time. 4,356.20 d. Calculate the APR by (Use Table 14.1 and Table 14.1(b)). (Round your answers to 2 decimal places.) APR: between % and 14.5 % 14.75 e. Check monthly payment (by formula). (Round your answer to the nearest cent.) Monthly payment $ 56.17 9. Cody Lind's most recent credit card statement follows. His finance charge is 15% APR. Calculate Cody's average daily balance, finance charge and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date 9/7 Payment $1,200 previous balance $520 cr. 9/13 Charge: Kohl's $540 9/17 Payment $410 cr. 9/28 Charge: WalMart 160 Average daily balance $ 925 $ Finance charge 11.56 $ New balance 981.56 10. Jill bought a $580 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number 1 2 3 Outstanding balance due $580.00 $491.60 $401.43 2% interest payment $11.60 $9.83 $8.03 Amount of monthly payment $100.00 $100.00 $100.00 Reduction in balance due $88.40 $90.17 $91.97 Outstanding balance due $491.60 $401.43 $309.46 Purchase price of product Porsche Macan Turbo Down payment Amount financed Number of monthly payments Amount of monthly payments Total of monthly payments Total finance charge $86,900 $48,500 $38,400 78 $648 $50,544 $12,144 Purchase price of a car Down payment Amount financed Number of monthly payments APR (Annual Percentage Rate) Total of monthly payments Total finance charge Total Monthly payment with interest Paid per Month for $1,000 So, it belongs to 12.0% to 12.25% from APR $5,433 $1,103 $4,330 48 13.39% $5,489.76 $1,159.76 $114.37 $26.41 used table from table of 48 months with $26.41 monthly payments hly payments Purchase price of car Down payment Amount financed Number of monthly payments Total of monthly payments Total finance charge $5,773 $1,273 $4,500 48 $121.45 By formula $5,829.76 $1,329.76 Given APR 13% APR with 48 monthly payments for $1,000 For $4,500 financed amount 13% from table $ 26.83 from table $ 120.74 by table Amount of monthly payments Purchase price of car Down payment Amount financed Number of monthly payments Amount of monthly payments Total of monthly payments Total finance charge Given APR Montly Payment 15.5% APR with 60 monthly payments for $1,000 For $4,330 financed amount $4,415 $85 $4,330 60 $102.73 By formula $6,164.00 $1,834.00 15.50% from table $102.73 By formula $ 24.05 from table $ 104.14 by table 16-Sep Billing date 19-Sep Payment 30-Sep Charge: Home Depot 3-Oct Payment 7-Oct Cash advance Days Previous balance $ 1,050 51 cr. 61 Current Daily Balance 3 11 3 4 9 30 Extension $1,100 $1,049 $2,099 $2,048 $2,109 average daily balance financial charge 51 cr. $3,300 $11,539 $6,297 $8,192 $18,981 $48,309 $1,610.30 $20.13 $1,100 Purchase price of car Down payment Amount financed Number of monthly payments Given APR 7.5% APR with 48 monthly payments for $1,000 Montly Payment for 48 month payments for $12,700 $14,800 $2,100 $12,700 48 7.50% $24.18 from table $307.09 Price of new dive equipment for Underwater Connection Down payment Amount financed Number of monthly payments Inerest Rate Montly Payment $0 $0 $58,000 72 4.00% $907.42 by formula Given Used Car Price Down Payment Number of monthly payments Inerest Rate Montly Payment $3,100 $50 60 4.00% $71.77 a. Amount Financed $3,050 b. Total monthly payments Finance Charge $4,306.20 $1,256.20 c. deferred payment price $4,356.20 d. Paid per Month for $1,000 So, it belongs to 14.5% to 14.75% from APR $23.53 used table from table of 60 months with $23.53 monthly payme e. Monthly Payment $56.17 by formula with $23.53 monthly payments 30-day billing cycle 2-Sep Billing date 7-Sep Payment 13-Sep Charge: Kohl's 17-Sep Payment 28-Sep Charge: WalMart Days $1,200 previous balance $520 cr. $540 $410 cr. 160 Current Daily Balance 5 6 4 11 4 30 $1,200 $680 $1,220 $810 $970 average daily balance financial charge new balance Extension $6,000 $4,080 $4,880 $8,910 $3,880 $27,750 $925.00 $11.56 $981.56 Bought Chair Rate per month payment nper Monthly payment number $580 2% $100 3 Outstanding balance due 2% interest paymeAmount of monthly Reduction in bal 1 $580.00 $11.60 $100.00 $88.40 2 $491.60 $9.83 $100.00 $90.17 3 $401.43 $8.03 $100.00 $91.97 Outstanding balance due $491.60 $401.43 $309.46 1. Complete the following table: Purchase price of product Porsche Macan Down Turbo payment $86,900 $48,500 Amount financed $ Number of monthly payments Amount of monthly payments 78 $648 38,400 Total of monthly Total finance payments charge $ $ 50,544 12,144 2. Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b)) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.) Purchase Number of price Down monthly of a used car payment payments $5,433 $1,103 48 Amount financed $ 4,330 Total of monthly payments $5,489.76 Total finance charge $ 1159.76 APR 12.00%to 12.25% 3. Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $5,773 By table By formula Down payment $1,273 Number of monthly payments 48 Amount financed $4,500 Total of monthly payments $5,829.76 Total finance charge $1,329.76 APR 13% Monthly Payment $ 120.74 $ 121.45 4. 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.) (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase price of a used car $4,415 Down payment $85 Number of monthly payments 60 Amount financed $4,330 Total of monthly payments $6,164.00 Total finance charge $1,834.00 APR 15.5% By table By formula Monthly Payment $ 104.14 $ 102.73 5. Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 9/16 Billing date 9/19 Payment Charge: Home 9/30 Depot 10/3 Payment 10/7 Cash advance 30-day billing cycle Previous balance $ 1,100 $ 51 cr. 1,05 0 51 cr. 61 Finance charge is 1.25% on average daily balance. $ Average daily balance 1,610.30 $ Finance charge 20.13 6. Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,800. He put $2,100 down and financed the rest with a 48month, 7.5% loan. What is his monthly car payment by table lookup? (Use Table 14.2) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment $307.09 7. Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $58,000 loan at 4% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) Monthly payment $ 907.42 8. From this partial advertisement: $71.77 per month for 60 months $3,100 used car cash price $50 down payment a. Calculate the amount financed. Amount financed $ 3,050 b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge $ 1,256.20 c. Calculate the deferred payment price. (Round your answer to the nearest cent.) Deferred payment price $ There is no defer time. 4,356.20 d. Calculate the APR by (Use Table 14.1 and Table 14.1(b)). (Round your answers to 2 decimal places.) APR: between % and 14.5 % 14.75 e. Check monthly payment (by formula). (Round your answer to the nearest cent.) Monthly payment $ 56.17 9. Cody Lind's most recent credit card statement follows. His finance charge is 15% APR. Calculate Cody's average daily balance, finance charge and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date 9/7 Payment $1,200 previous balance $520 cr. 9/13 Charge: Kohl's $540 9/17 Payment $410 cr. 9/28 Charge: WalMart 160 Average daily balance $ 925 $ Finance charge 11.56 $ New balance 981.56 10. Jill bought a $580 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number 1 2 3 Outstanding balance due $580.00 $491.60 $401.43 2% interest payment $11.60 $9.83 $8.03 Amount of monthly payment $100.00 $100.00 $100.00 Reduction in balance due $88.40 $90.17 $91.97 Outstanding balance due $491.60 $401.43 $309.46 Purchase price of product Porsche Macan Turbo Down payment Amount financed Number of monthly payments Amount of monthly payments Total of monthly payments Total finance charge $86,900 $48,500 $38,400 78 $648 $50,544 $12,144 Purchase price of a car Down payment Amount financed Number of monthly payments APR (Annual Percentage Rate) Total of monthly payments Total finance charge Total Monthly payment with interest Paid per Month for $1,000 So, it belongs to 12.0% to 12.25% from APR $5,433 $1,103 $4,330 48 13.39% $5,489.76 $1,159.76 $114.37 $26.41 used table from table of 48 months with $26.41 monthly payments hly payments Purchase price of car Down payment Amount financed Number of monthly payments Total of monthly payments Total finance charge $5,773 $1,273 $4,500 48 $121.45 By formula $5,829.76 $1,329.76 Given APR 13% APR with 48 monthly payments for $1,000 For $4,500 financed amount 13% from table $ 26.83 from table $ 120.74 by table Amount of monthly payments Purchase price of car Down payment Amount financed Number of monthly payments Amount of monthly payments Total of monthly payments Total finance charge Given APR Montly Payment 15.5% APR with 60 monthly payments for $1,000 For $4,330 financed amount $4,415 $85 $4,330 60 $102.73 By formula $6,164.00 $1,834.00 15.50% from table $102.73 By formula $ 24.05 from table $ 104.14 by table 16-Sep Billing date 19-Sep Payment 30-Sep Charge: Home Depot 3-Oct Payment 7-Oct Cash advance Days Previous balance $ 1,050 51 cr. 61 Current Daily Balance 3 11 3 4 9 30 Extension $1,100 $1,049 $2,099 $2,048 $2,109 average daily balance financial charge 51 cr. $3,300 $11,539 $6,297 $8,192 $18,981 $48,309 $1,610.30 $20.13 $1,100 Purchase price of car Down payment Amount financed Number of monthly payments Given APR 7.5% APR with 48 monthly payments for $1,000 Montly Payment for 48 month payments for $12,700 $14,800 $2,100 $12,700 48 7.50% $24.18 from table $307.09 Price of new dive equipment for Underwater Connection Down payment Amount financed Number of monthly payments Inerest Rate Montly Payment $0 $0 $58,000 72 4.00% $907.42 by formula Given Used Car Price Down Payment Number of monthly payments Inerest Rate Montly Payment $3,100 $50 60 4.00% $71.77 a. Amount Financed $3,050 b. Total monthly payments Finance Charge $4,306.20 $1,256.20 c. deferred payment price $4,356.20 d. Paid per Month for $1,000 So, it belongs to 14.5% to 14.75% from APR $23.53 used table from table of 60 months with $23.53 monthly payme e. Monthly Payment $56.17 by formula with $23.53 monthly payments 30-day billing cycle 2-Sep Billing date 7-Sep Payment 13-Sep Charge: Kohl's 17-Sep Payment 28-Sep Charge: WalMart Days $1,200 previous balance $520 cr. $540 $410 cr. 160 Current Daily Balance 5 6 4 11 4 30 $1,200 $680 $1,220 $810 $970 average daily balance financial charge new balance Extension $6,000 $4,080 $4,880 $8,910 $3,880 $27,750 $925.00 $11.56 $981.56 Bought Chair Rate per month payment nper Monthly payment number $580 2% $100 3 Outstanding balance due 2% interest paymeAmount of monthly Reduction in bal 1 $580.00 $11.60 $100.00 $88.40 2 $491.60 $9.83 $100.00 $90.17 3 $401.43 $8.03 $100.00 $91.97 Outstanding balance due $491.60 $401.43 $309.46