# Mathematics

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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% ?

• Mathematics -

Rub some bacon on it.

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