A A A o 1. A credit card company calculates interest using average daily hod The monthly interest rate is 1.2% of the average daily balance. The following transaction wred during the June 1-June 30 billing period Transaction Description Transaction Amount Previous balance, $4037.93 June 1 Billing date June 5 Payment $350.00 credit June 10 Charge: Gas $31.17 June 15 Charge: Prescriptions $42.50 June 22 Charge: Gas $43.86 Charge: Groceries $112.91 $96.73 June 29 Charge: Clothing June 30 End of Billing period Payment Due Date: July 9 a. Find the average daily balance for the billing period. Round to the way b. Find the interest be paid on July 1, the next billing date und to the c. Find the balance due on July 1. d. The credit card requires a $30 minimum monthly payment if the balaute due at the end of the billing period is less than $400. Otherwise, the minimum monthly pay ential 125 of the balance due at the end of the billing period, rounded up to the nearest whole dollar What is the minimum monthly payment due by July 9? 2. The price of a home is $160,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 8% or 30-year fixed at 8% Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? 3. The cost of a home is financed with a $160,000, 30-year fixed-rate mortgage at 4.2% a. Find the monthly payments and the total interest of the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. Roun entries to the nearest cent. A A A o 1. A credit card company calculates interest using average daily hod The monthly interest rate is 1.2% of the average daily balance. The following transaction wred during the June 1-June 30 billing period Transaction Description Transaction Amount Previous balance, $4037.93 June 1 Billing date June 5 Payment $350.00 credit June 10 Charge: Gas $31.17 June 15 Charge: Prescriptions $42.50 June 22 Charge: Gas $43.86 Charge: Groceries $112.91 $96.73 June 29 Charge: Clothing June 30 End of Billing period Payment Due Date: July 9 a. Find the average daily balance for the billing period. Round to the way b. Find the interest be paid on July 1, the next billing date und to the c. Find the balance due on July 1. d. The credit card requires a $30 minimum monthly payment if the balaute due at the end of the billing period is less than $400. Otherwise, the minimum monthly pay ential 125 of the balance due at the end of the billing period, rounded up to the nearest whole dollar What is the minimum monthly payment due by July 9? 2. The price of a home is $160,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 8% or 30-year fixed at 8% Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? 3. The cost of a home is financed with a $160,000, 30-year fixed-rate mortgage at 4.2% a. Find the monthly payments and the total interest of the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. Roun entries to the nearest cent
