Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(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) 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.)

(d) 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of biochemistry Life at the Molecular Level

Authors: Donald Voet, Judith G. Voet, Charlotte W. Pratt

4th edition

470547847, 978-0470547847

Students also viewed these Finance questions