Do calculations on scrap paper as needed. Worked-out solutions are provided at end.
- Gail Sentner bought a new Chevrolet for $16,500, putting down $500 and paying $300 per month for 60 months. Calculate:
a. Amount financed.
b. Finance charge.
c. Deferred payment price.
d. APR by table. (Use tables in Business Math Handbook.)
e. Monthly payment by formula. - Dan Carl is buying a new Welbilt boat for $9,500. Dan puts down $2,000 and is financing the balance at 11% for 60 months. What is his monthly payment (use the loan amortization table)?
- From the following, calculate the finance charge rebate and final payoff:
Loan for 12 months; $6,200; end-of-month loan is repaid: 8; monthly payment, $575 - Paula Frane bought a desk for $900. She pays $100 a month and is charged 3 1/2% interest on the unpaid balance. What is Paula's balance outstanding at the end of month 1?
- Calculate the average daily balance from the following (30-day billing cycle):
| 7/21 | Billing date | Previous balance | $400 | | 7/28 | Payment | | $40 credit | | 7/31 | Charge | | $60 | | 8/6 | Payment | | $10 credit | | 8/13 | Cash Advance | | $50 |
Finance Charge is 1 ½ on average daily balance.  Click here for Calculations/Applications Answers
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