questions 1-7

1 2 72% + CHAPTERT 1 . You are thinking about buying a boat, priced at $16,200. You must pay tax and license fees of $1,100. You have $2,500. If you use your $2,500 toward the purchase, how much will you need to borrow? A. $16,200 B. $20,100 C. $13,700 D. $14,800 2. You borrow $24,500 to buy a car. Your monthly payment on the 5-year loan is $496.77. What is your total finance charge? A. $29,806 20 B. $5,306.20 C. $23,844.96 D. $2,483.85 3. You buy a car for $18,000. You must also pay tax and license fees of $1,200. You borrow $17,000 for 4 years at 7-25% interest, with monthly payments. What is the total cost of the car, to the nearest dollar, including finance charges? A. $19,200 B. $36,200 C. $19,635 D. $21,835 With the U.S. Rule, interest is calculated through which date? A. Due date B. Date on borrower's check C. Postmark on borrower's envelope D. Date received by lender 5. You get a car loan on September 22. Your first monthly payment is due October 22. The lender receives your payment on October 20. For how many days is interest calculated? A. 28 days B. 29 days C. 30 days D. 31 days 6. You buy a motorcycle on July I for $2,500 with $500 down. You agree to pay the seller the remaining $2,000 at 9% with monthly payments of $341.14. Your first payment is due August 1, but you make the payment on August 4. Using the U.S. Rule, calculate the remaining balance after that payment A. $1.673.86 B. $1,675.63 C. $1,675.86 D. $1,677.93 7. Troy Hancey has been making payments on his 9.5% boat loan for what seems like forever! Troy made a payment on May 1. His balance after that payment was $3,129.84. He just sold some stock and decides to use part of the money to pay off the boat loan on May 24. Calculate the payoff amount A. $3,129.84 B. $3.149 39 C. $3,427417 D $3,148.58 M