Find the finance charge on June 4 for the data given below. There is a previous balance of $230 (on May 4), the running balance times the number of days is $10,405, and the monthly interest rate is 1.6%. Date Activity May 4 Billing Date May 6 Payment $120 May 10 Groceries $205 May 18 Target $80 June 1 Restaurant $90 a)$5.62 b)$5.49 c)$5.37 d)$5.55

Find the finance charge on June 4 for the data given below. There is a previous balance of $230 (on May 4), the running balance times the number of days is $10,405, and the monthly interest rate is 1.6%. Date Activity May 4 Billing Date May 6 Payment $120 May 10 Groceries $205 May 18 Target $80 June 1 Restaurant $90 a)$5.62 b)$5.49 c)$5.37 d)$5.55

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Amount Number of Financed Payments $17,950 48 Monthly Payment $532.47 Finance Charge $7176.56 X Finance Charge per $100 $39.98 X 17.59 APR X %
Find the interest on the following loan. $5324 at 8%; loan made on August 12 and due December 15 The simple interest for this loan is $ (Round to the nearest cent as needed.)
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The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $414.84 APR 4.0% Remaining Number of Scheduled Payments after Payoff 18 Click the icon to view the annual percentage rate table. ... (a) h= $3.20 (b) The unearned interest is $ (Round to the nearest cent as needed.)
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $17,950 48 $551.47 $ $ %
The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)
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Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Finance Charge per $100 Amount Number of Monthly Payments Finance APR Financed Payment Charge $17,950 48 $561.47 $
The loan below was paid in full before its due date: (a). Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $494.14 APR 4.0% Remaining Number of Scheduled Payments after Payo!! 12 Click the icon to view the annual percentage rate table. (b) The unearned interest is (Round to the nearest cent as needed) (c) The payoff amount is $(Round to the nearest cent as needed)
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