Mathematics

posted by .

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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math - Credits & finance charges

    On the May 1 billing date, Mary had a balance due of $970.60 on her credit card. The transactions during the following month were: May 5 Payment $400.00 May 10 Charge: airline tickets $381.00 May 22 Charge: hotel $270.60 May 25 Charge: …
  2. Math

    I need help calculating the finance charge and new balance using the previous balance method. Previous balance = $179.32 Annual rate = 16% Finance charge = $ ?
  3. math

    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 =
  4. Math

    Aaron had an unpaid balance of $1,177.79 on his credit card statement at the beginning of April. He made a payment of $430.00 during the month, and made purchases of $366.02. If the interest rate on Aaron's credit card was 4.5% per …
  5. consumer math

    1. Which of the following is an advantage of using credit cards?
  6. finance charges

    Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $500 balance, …
  7. fiances

    Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. $500 balance, 17%, $50 payment previous balance method, …
  8. math

    The account balance on April 1st is $50.51. On April 15th a payment of $15.00 is made. On April 25th a purchase of $19.27 is made. The annual rate is 18%. What is the finance charge using the previous balance method?
  9. algebra

    Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $300 balance, …
  10. Math

    Your credit card has a balance of $1000 and an interest rate of 21%. Each month you make the minimum requirement of $20. During January 10 through February 9 billing period you pay the minimum required payment on january 25th. find …

More Similar Questions