Thursday

April 24, 2014

April 24, 2014

Posted by **Anonymous** on Wednesday, January 27, 2010 at 11:48pm.

1. Calculate the finance charge and new balance using the previous balance method.

Previous balance = $179.32

Annual rate = 16%

Finance charge $ ?

New purchases = $117.42

Payments/credits = $85.00

New balance = $ ?

2. Calculate the unpaid balance, finance charge, and the new balance using the unpaid balance method.

Note: interest rate given as a monthly rate.

Previous balance = $179.32

Payments/credits = $85.00

Unpaid balance = $ ?

Monthly rate = 1.25%

Finance charge = $ ?

New purchases = 117.42

New balance = $ ?

3. Based on the information below, choose the correct answers:

Note: The monthly loan payment was calculated at 119 payments of $330.38 plus a final payment of $ $329.73.

Loan Balance: $ 25,000.00

Loan Interest Rate: 10.0%

Monthly Loan Payment: $330.38

Number Of Payments: 120

Cumulative payments: $39,644.95

Total Interest Paid: $ 14,644.95

On average, what dollar amount of each monthly payment is interest ? $116.04, $122.04 or $119.04 ?

What percent of the total payments is total interest? 36.9%, 35.9% or 34.9% ?

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