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I need help with the questions in the attachment. They are all different kinds of question. I am just not good at math and can

image text in transcribed

I need help with the questions in the attachment. They are all different kinds of question. I am just not good at math and can not figure out this homework assignment.

image text in transcribed 1. You have a $22,500 line of credit which charges an annual percentage rate of prime rate plus 5%. Your starting balance on April 1 was $6,750. On April 5, you made a payment of $2,500. On April 14, you borrowed $5,100, and on April 17, you borrowed $3,800. If the current prime rate is 8%, what is your new balance? A. $15,885.12 B. $14,699.54 C. $13,150.14 D. $13,250.17 2. Your Office Supply has a $42,500 line of credit that charges an annual percentage rate of prime rate plus 3%. Their starting balance on March 1 was $10,600. On March 5, they borrowed $7,500. On March 14, the business made a payment of $3,300, and on March 18, they borrowed $5,300. If the current prime rate is 9%, what is the new balance? A. $27,583.43 B. $18,400.29 C. $26,100.00 D. $20,276.10 3. Alex wishes to take out an installment loan to finance the purchase of a lawn mower costing $715. Her loan requires a 2.75% down payment and equal monthly payments of $125.78 for 9 months. What is the amount of the finance charge on this loan? A. $425.47 B. $430.64 C. $417.02 D. $436.68 4. Boyd purchases a snow blower costing $1,752 by taking out a 13.5% add-on installment loan. The loan requires a 35% down payment and equal monthly payments for 2 years. How much is the finance charge on this loan? A. $425.15 B. $307.48 C. $391.04 D. $407.25 5. Mariann purchases a kitchen set costing $3,480 by taking out an 12% add-on installment loan. The loan requires a 25% down payment and equal monthly payments for 3 years. How much are Mariann's monthly payments? A. $98.60 B. $105.33 C. $126.49 D. $92.67 6. Orestes purchases a patio set costing $2,430 by taking out an 12.5% add-on installment loan. The loan requires a 20% down payment and equal monthly payments for 3 years. How much are Orestes' monthly payments? A. $74.25 B. $96.49 C. $125.33 D. $82.67 7. Eddy purchased a club membership costing $2,530. He made a down payment of $530 and financed the balance with an installment loan for 48 months. If the payments are $59.27 each month, use Table 13-1 from your text to find the APR. A. 19.75% B. 16.00% C. 17.50% D. 18.50% 8. Ted purchased a speedboat costing $15,800 by taking out an installment loan. He made a down payment of $4,000 and financed the balance for 36 months. If the payments are $383.53 each month, find the APR using Table 13-1. A. 8.50% B. 10.75% C. 10.50% D. 10.00% 9. You take out an installment loan to purchase a time-share costing $18,000. You make a down payment of $2,700 and finance the balance by making monthly payments of $762 for 24 months. Use Table 13-1 from your text to find the APR. A. 18.00% B. 18.25% C. 17.75% D. 17.50% 10. You wish to finance the purchase of a boat home for $38,600. A finance company offers an APR of 10% on a 24- month installment loan. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment. A. $1,619.08 B. $1,769.17 C. $1,781.23 D. $1,608.33 11. A bank offers a 24-month installment loan with an APR of 10.5%. Martha wishes to use the loan to finance a sofa for $1,000. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment. A. $41.67 B. $46.38 C. $52.97 D. $46.04 12. A finance company offers a 24-month installment loan with an APR of 13.5%. Robert wishes to use the loan to finance a delivery truck for $31,200. After using Table 13-1 from your text to find the finance charge, calculate the monthly payment. A. $1,651.00 B. $1,475.50 C. $1,490.58 D.$612.11 13. May finances a refrigerator for $1,250 by taking out an installment loan for 48 months. The payments are $38.54 per month and the total finance charge is $599.92. After 30 months, May decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find her loan payoff. A. $606.49 B. $824.96 C. $425.04 D. $896.96 14. Scott finances a Jet Ski for $4,600 by taking out an installment loan for 48 months. The payments are $153.33 per month and the total finance charge is $2,759.84. After 36 months, Scott decided to pay off the loan. After calculating the finance charge rebate (using the "Rule-of-78"), find his loan payoff. A. $1,656.91 B. $1,562.97 C. $276.99 D. $1,839.96 15. Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff, using the "Rule-of-78." A. $7,623.77 B. $5,476.23 C.$11,790.00 D. $9,406.23

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