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Business Math Homework 14
Complete
the following table:
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.)
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (Use Table 14.1 and Table 14.1(b)) (Do not round intermediate calculations. Round the "Finance charge" to the nearest cent.)
Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $60,000 loan at 3% for 36 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) Monthly payment $ 1,816.67  Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors. Cash price $7,950 Down payment $0 Annual percentage rate 14.53% Deferred price $11,223.60 or 60 payments at $187.06 per month a. Calculate the amount financed. Amount financed $ 7,950 b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance change $ 3,273.60 c. Calculate the APR by table lookup. (Use Table 14.1 and Table 14.1(b)) (Round your answers to 2 decimal places.) APR: between 14.50 %
and 14.75 %d. Calculate the monthly payment by formula. (Round your answer to the nearest cent.) Monthly payment by formula $ 187.06 e. Calculate the monthly payment by table lookup at 14.50%. (Use Table 14.2) (Round your answer to the nearest cent.) Monthly payment by table lookup $ 187.06 From this partial advertisement: $106.88 per month for 60 months $4,800 used car cash price $50 down payment a. Calculate the amount financed. Amount financed $ 4,750 b. Calculate the finance charge. (Round your answer to the nearest cent.) Finance charge $ 1,662.80 c. Calculate the deferred payment price. (Round your answer to the nearest cent.) Deferred payment price $ 6,462.80 d. Calculate the APR by (Use Table 14.1 and Table 14.1(b)). (Round your answers to 2 decimal places.) APR: between 12.50 % and 12.75 %e. Check monthly payment (by formula). (Round your answer to the nearest cent.) Monthly payment $ 106.88 Chapter Tests 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Unit Test 01 02 03 04 05 06 Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Need A Tutor? Need Homework Help? Jill bought a $610 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.)
If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 12% APR and the following transactions? (Round your answer to the nearest cent.)
Amount owed $ 1,250.58
Before
purchasing a used car, Cody Lind checked www.kbb.com to learn what he
should offer for the used car he wanted to buy. Then he conducted a
carfax.com search on the car he found to see if the car had ever been
in an accident. The Carfax was clean so he
purchased the used car for $14,750. He put $2,000 down and financed the
rest with a 48-month, 7.5% loan. What is his monthly car payment by
table lookup? (Use Table 14.2) (Do not round intermediate calculations.
Round your answer to the nearest cent.)
Monthly payment $308.30
Troy Juth wants to purchase new dive equipment for
Underwater Connection, his retail store in Colorado Springs.
He was offered a $56,000 loan at 5% for 48 months. What is his monthly payment by formula? Monthly payment $1,400 Ramon Hernandez saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors. Cash Price $7,880 Down payment $0 Annual Percentage Rate 14.53% Deferred price $11,131.80 or 60 payments at $185.53 per month a. Calculate the amount financed. b. Calculate the finance charge. (Round your answer to the nearest cent.) c. Calculate the APR by table lookup. (Use Table 14.1(b)) (Round your answers to 2 decimal places.) d. Calculate the monthly payment by formula. (Round your answer to the nearest cent.) e. Calculate the monthly payment by table lookup at 14.50%. (Use Table 14.2) (Round your answer to the nearest cent.) a. Amount financed $7,880 b. Finance change $3,251.80 c. APR: between 14.50% and 14.75% d. Monthly payment by formula $185.53 e. Monthly payment by table lookup $185.42 From this partial advertisement: $95.10 per month for 60 months $4,100 used car cash price $50 down payment a. Calculate the amount financed. b. Calculate the finance charge. c. Calculate the deferred payment price. d. Calculate the APR by Table 14.1(b). (Round your answers to 2 decimal places.) e. Check monthly payment (by formula). (Round your answer to the nearest cent.) a. Amount financed $4,050 b. Finance change $1,656 c. Deferred payment price $5,756 d. APR: between 14.25% and 14.50% e. Monthly payment $95.10 If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 12% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance $1,168 10/3 Credit $75 cr. 10/12 Charge: King Soopers $152 10/15 Payment $350 cr. 10/25 Charge: Delta $325 10/30 Charge: Holiday Fun $ 65 Amount owed $1,295.82 Cody Lind's most recent credit card statement follows. His finance charge is 18% APR. Calculate Cody's average daily balance, finance charge and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $1,200 previous balance 9/7 Payment $100 cr. 9/13 Charge: Kohl's $350 9/17 Payment $200 cr. 9/28 Charge: WalMart $50 Average daily balance $1,245.00 Finance charge $18.68 New balance $1,318.68 First America Bank's monthly payment charge on a 48-month, $20,000 loan is $488.26. The U.S. Bank's monthly payment fee is $497.70 for the same loan amount. What would be the APR for an auto loan for each of these banks? (Use Table 14.) (Round your final answers to the nearest hundredth percent.) APR First America Bank: between 8.00% and 8.25% U.S. Bank: between 8.75% and 9.00% Jill bought a $500 rocking chair. The terms of her revolving charge are 1.5% on the unpaid balance from the previous month. If she pays $100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. (Round your final answers to the nearest cent.) Monthly payment number: 1 2 3 Outstanding balance due: $500 $407.50 $313.61 1.5% interest payment: $7.50 $6.11 $4.70 Amount of monthly payment: $100 $100 $100 Reduction in balance due: $92.50 $93.89 $95.30 Outstanding balance due: $407.50 $313.61 $218.31 Peg Gasperoni bought a $50,000 life insurance policy for $100 per year. Ryan Life Insurance Company sent her the following billing instructions along with a premium plan example: "Your insurance premium notice will be mailed to you in a few days. You may pay the entire premium in full without a finance charge or you may pay the premium in installments after a down payment and the balance in monthly installments of $30. The finance charge will be added to the unpaid balance. The finance charge is based on an annual percentage rate of 15%." If the total policy premium is: $100/$200/$300 And you put down: $30.00/$50.00/$75.00 The balance subject to finance charge will be: $70.00/$150.00/$225.00 The total number of monthly installments ($30 minimum) will be: 3/5/8 The monthly installment before adding the finance charge will be: $30.00/$30.00/$30.00 The total finance charge for all installments will be: $1.75/$5.67/$12.84 And the total deferred payment price will be: $101.75/$205.67/$312.84 Peg feels that the finance charge of $1.75 is in error. Check your answer. a. What is the actual finance charge for the first three months? (Round your answer to the nearest cent.) b. Is she correct? a. Finance Charge $1.53 b. Yes You have a $1,100 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. a. How much will you owe on the credit card if you have not made a payment for 6 months? (Round your answers to the nearest cent.) b. How much interest will have accrued? (Round your answer to the nearest cent.) c. What will be the effective rate of interest after the 6 months? (Round your answer to the nearest hundredth percent.) a. 1 month: $1,113.75 2 months: $1,127.67 3 months: $1,141.77 4 months: $1,156.04 5 months: $1,170.49 6 months: $1,185.12 b. Interest accrued $85.12 c. Effective rate of interest %15.48 |
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