Posted by Anonymous on Wednesday, January 27, 2010 at 11:48pm.
I really need help with these three questions. Thank You.
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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