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Please Help with both questions and explain number 6 QUESTION 5 Thomas Magnum has misplaced the sales contract for his car and cannot remember the
Please Help with both questions and explain number 6
QUESTION 5 Thomas Magnum has misplaced the sales contract for his car and cannot remember the amount he originally financed. He does know that the add-on interest rate was 9.8% and the loan required a total of 48 monthly payments of $314.65 each. How much did Thomas borrow (to the nearest dollar)? QUESTION 6 Activity on Jean's credit card for one billing cycle is shown in the table below. AMOUNT DATE JAN 29 BALANCE $514.79 DAYS 12 FEB 9 FEB 15 FEB 20 FEB 25 ACTIVITY (first day of billing cycle) Books-R-Us Gas Mart Payment Baseball Tickets $11.08 $79.00 $200.00 $43.00 525.87 604.87 404.87 447.87 6 5 5 3 If Jean is charged a monthly interest rate of 1.9% on the average daily balance and the billing cycle ends on Feb. 28, find (a) the average daily balance of the account for the month, and (b) the finance charge for the month (using your answer to part (a)). QUESTION 5 Thomas Magnum has misplaced the sales contract for his car and cannot remember the amount he originally financed. He does know that the add-on interest rate was 9.8% and the loan required a total of 48 monthly payments of $314.65 each. How much did Thomas borrow (to the nearest dollar)? QUESTION 6 Activity on Jean's credit card for one billing cycle is shown in the table below. AMOUNT DATE JAN 29 BALANCE $514.79 DAYS 12 FEB 9 FEB 15 FEB 20 FEB 25 ACTIVITY (first day of billing cycle) Books-R-Us Gas Mart Payment Baseball Tickets $11.08 $79.00 $200.00 $43.00 525.87 604.87 404.87 447.87 6 5 5 3 If Jean is charged a monthly interest rate of 1.9% on the average daily balance and the billing cycle ends on Feb. 28, find (a) the average daily balance of the account for the month, and (b) the finance charge for the month (using your answer to part (a))Step by Step Solution
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