Question
(a) A charge account had a balance of $922 on May 5. A purchase of $233 was made on May 17, and a payment of
(a) A charge account had a balance of $922 on May 5. A purchase of $233 was made on May 17, and a payment of $100 was made on May 20. The interest on the average daily balance is 1.5% per month. Find the finance charge on the June 5 bill. (Round your answer to the nearest cent.)
(b) On August 10, a credit card account had a balance of $375. A purchase of $64 was made on August 15, and $169 was charged on August 27. A payment of $75 was made on August 15. The interest on the average daily balance is 1.15% per month. Find the finance charge on the September 10 bill. (Round your answer to two decimal places.)
(c) Luis Mahla purchases a Porsche Boxster for $41,900 and finances the entire amount at an annual interest rate of 7.8% for 8 years. Find the monthly payment. Assume the sales tax is 6% of the purchase price and the license fee is 1% of the purchase price. (Round your answer to the nearest cent.)
(d) Melissa Hernandez received an 8-year subsidized student loan of $28,000 at an annual interest rate of 4.2%. What are Melissa's monthly loan payments for this loan when she graduates in 1 year? (Round your answer to the nearest cent.)
(e) Angelica Reardon received a 4-year non-subsidized student loan of $16,000 at an annual interest rate of 6.8%. What are Angelica's monthly loan payments for this loan after she graduates in 4 years? (Round your answer to the nearest cent.)
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