Problem #1 Name: cycle is include in starting account balance. in a 30 day billing cycle below to answer the questions. Assume the interest from previous billing account balance (Choose a balance between $1,001 and S1,.999) Day In Billing Cysle Transaction Purchase: $150 Payment: $200 Purchase: S112 16 a) First, find the unpaid balance for the month. Then find the finance charge for the month if the monthly inerest rate is 1.8% and interest is calculated according to the samaid balansemethod. b) First, find the average daily balance for the month. Then find the finance charge for the interest rate is 1.8% and interest is calculated according to the averasedaily alansemethod month if the monthly c) Assume no payment is applied to the account on day 16. Find the finance charge for the month if the monthly interest rate is 1.8% and interest is calculated according to the unpaid balance method. Also find the total charge if a $35 late fee is included. Lastly, find the day 1 balance for the next billing cycle. Problem #2 You bought a new car 3 years ago under the following agreement: Price of Car (choose a price between $15,000 and s30,000): Down payment (choose a down payment between $2,000 and $$.000); with sea Loan: a) First find the loan amount and the amount of interest you would pay if you keep the loan to term. Then, use the APR table to find APR for this loan agreement. b) First, find your regular monthly payment for this car loan. Then, use the actuarial method to find the unearned interest and pay off amount if you pay off the car 2 years early (24 remaining payments). Problem #1 Name: cycle is include in starting account balance. in a 30 day billing cycle below to answer the questions. Assume the interest from previous billing account balance (Choose a balance between $1,001 and S1,.999) Day In Billing Cysle Transaction Purchase: $150 Payment: $200 Purchase: S112 16 a) First, find the unpaid balance for the month. Then find the finance charge for the month if the monthly inerest rate is 1.8% and interest is calculated according to the samaid balansemethod. b) First, find the average daily balance for the month. Then find the finance charge for the interest rate is 1.8% and interest is calculated according to the averasedaily alansemethod month if the monthly c) Assume no payment is applied to the account on day 16. Find the finance charge for the month if the monthly interest rate is 1.8% and interest is calculated according to the unpaid balance method. Also find the total charge if a $35 late fee is included. Lastly, find the day 1 balance for the next billing cycle. Problem #2 You bought a new car 3 years ago under the following agreement: Price of Car (choose a price between $15,000 and s30,000): Down payment (choose a down payment between $2,000 and $$.000); with sea Loan: a) First find the loan amount and the amount of interest you would pay if you keep the loan to term. Then, use the APR table to find APR for this loan agreement. b) First, find your regular monthly payment for this car loan. Then, use the actuarial method to find the unearned interest and pay off amount if you pay off the car 2 years early (24 remaining payments)
