Teri’s credit union offered her a $9,500 personal loan requiring no collateral with payments of $218.78 monthly for 4 years. Calculate her APR by table.
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- Nancy Houser has a $1,500 overdue debt for medical books and supplies at Ken's Bookstore. She has only $500 in her checking account and doesn't want her parents to know about this debt. Ken's tells her that she may settle the account in one of two ways since she can't pay it all now: 1. Pay $500 now and $1,200 when she completes her residency, two years from today. 2. Pay $2,000 one year after completion of residency, three years from today. Assuming that the cost of money is the only factor in Nancy's decision and that the cost of money to her is 8%, which alternative should she choose?Theresa Morgan of Boone, IA, age 55, recently suffered a stroke. Her total bill for this care was $125,500. After leaving the hospital, she spent 25 days in a nursing home that cost $170 per day. Theresa, who earns $4,500 per month, missed two months of work. Theresa had a health insurance plan through her employer. The policy had a $1,000 deductible and an 80/20 coinsurance clause with a $2,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability insurance. She was out of work for a total of 42 days. How much of Theresa's direct medical expenses was paid by her insurance policy? C How much income did Theresa lose?Theresa Morgan of Boone, IA, age 55, recently suffered a stroke. Her total bill for this care was $125,500. After being discharged from the hospital, she spent 21 days in a nursing home at a cost of $270 per day. Theresa, who earns $3,700 per month, missed two months of work. Theresa had a health insurance plan through her employer. The policy had a $600 deductible and an 80/20 coinsurance clause with a $5,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability insurance. In total, Theresa missed 42 days of work. How much of Theresa's direct medical expenses was paid by her insurance policy?
- "Vicky has a comprehensive auto insurance policy with a $4,400 deductible, with a 100/0 copay and a $4,400 out- of-pocket limit. Last week, their car was crushed by a falling tree. This cost them $5,800 to replace the car. How much of this expense will they havve to pay out of pocket?"Jane Marks has a restaurant in which she accepts credit cards and checks.Several of the places that Jane shops now accept debit cards and do notaccept checks. Jane’s banker explained that a debit card would immediatelytransfer money into her account, but it would cost $50 per monthfor the equipment and bank charges. Although she requires proper identification,Jane loses approximately $590 a year as a result of bad checks.She also determined that on average, she loses 115 days of interest onall checks because the banks are closed on 11 holidays and weekends (52 weeks * 2 weekend days = 104 + 11 holidays). Jane currently earns3 percent interest on her bank accounts and accepts an average of $2,000 aday in checks.a. What is the total annual cost to Jane for the debit card service?b. What is the benefit?c. Should Jane implement the system?Elisa needs money to repair her home air conditioner, so she pawns her bicycle. The pawnbroker loans Elisa $270. Seventeen days later, Elisa gets her bicycle back by paying the pawnbroker $303.15. What annual simple interest rate did the pawnbroker charge Elisa? Assume 360 days in a year The pawnbroker charged Elisa a simple interest rate of enter your response here
- Shay Manning rents an apartment in Chicago and carries $40,000 insurance on her personal belongings. She selects the $1,000,000 liability with a deductible of $1,000 for each claim and carries an identity theft/fraud protection of $24. Shay's credit is rated as bad as she has a recent bankruptcy on her record. Find her annual premium using the given table. E Click the icon to see a hypothetical table of Estimated Annual Renters Insurance Premium Rates. The annual premium is $ (Simplify your answer. Type an integer or a decimal.)Mary’s credit card situation is out of control because she cannot afford to make her monthly payments. She has three credit cards with the following loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary’s attention by stating they can save Mary 25% per month on her credit card payments. This company charges 16.5% APR. Is the company’s claim correct?Christina Haley of Elko, Nevada, age 57, recently suffered a stroke. She was in intensive care for 3 days and was hospitalized for 10 more days. Her total bill for this care was $132,500. After being discharged from the hospital, she spent 25 days in a nursing home at a cost of $290 per day. Christina, who earns $4,500 per month, missed two months of work. Christina had a health insurance plan through her employer. The policy had a $1,000 deductible and an 80/20 coinsurance clause with a $2,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability income insurance. Round your answers to the nearest dollar. How much of Christina’s direct medical expenses was paid by her insurance policy? $ What did Christina have to pay for her nursing home care? $ How much income did Christina lose? $
- Mary's credit card situation is out of control because she cannot afford to make her monthly payments. She has three credit cards with the following loan balances and APRS: Card 1, $4,700, 20%; Card 2, $5,800, 24%; and Card 3, $3,100, 17%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's attention by stating they can save Mary 18% per month on her credit card payments. This company charges 15.5% APR. Is the company's claim correct? Assume a 10-year repayment period. Mary's current minimum monthly payments are $ Mary's minimum monthly payments after loan consolidation will be $[ Is the company's claim correct? Choose the correct answer below. (Round to the nearest cent.) (Round to the nearest cent.) O A. No because Mary's monthly credit card payments will decrease for less than 18%. OB. Yes because Mary's monthly credit card payments will decrease for more than 18%. OC. No because Mary's monthly credit card payments will…Christina Haley of Elko, Nevada, age 57, recently suffered a stroke. She was in intensive care for 3 days and was hospitalized for 10 more days. Her total bill for this care was $133,000. After being discharged from the hospital, she spent 25 days in nursing home at a cost of $240 per day. Christina, who earns $4,500 per month, missed two months of work. Christina had a health insurance plan through her employer. The policy had a $1,000 deductible and an 80/20 coinsurance clause with a $2,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability income insurance. Round your answers to the nearest dollar. a. How much of Christina's direct medical expenses was paid by her insurance policy? $ b. What did Christina have to pay for her nursing home care? $ c. How much income did Christina lose? $Mary's credit card situation is out of control because she cannot afford to make her monthly payments. She has three credit cards with the following loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 25%; and Card 3, $3,100, 19%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's attention by stating they can save Mary 16% per month on her credit card payments. This company charges 16.5% APR. Is the company's claim correct? Assume a 10-year repayment period. Mary's current minimum monthly payments are $ (Round to the nearest cent.) Mary's minimum monthly payments after loan consolidation will be $ . (Round to the nearest cent.) Is the company's claim correct? Choose the correct answer below. O A. Yes because Mary's monthly credit card payments will decrease for more than 16%. O B. Yes because Mary's monthly credit card payments will increase for less than 16%. C. No because Mary's monthly credit card payments will…
