14 HW questions dealing with checking accounts ,simple interest and credit


Post University

Question Description

1.What is the monthly interest rate if an annual rate is


2.A credit card has an average daily balance of $2,884.43

and the monthly periodic rate is 1.346%. What is the finance charge for the month?

3.John Smith has a credit card that charges 12% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 30 days. For 14 days his balance was $2 ,573.877 days the balance was $1,573.87. And for 9 days the balance was $1,843.22. Find the average daily balance. Find the amount of interest.

4.Arnold Brown has a Visa Card with an annual percentage rate of

18.0%. The unpaid balance for his June billing cycle is $1,316.93. During the billing cycle he purchased a printer cartridge for $47.76, books for $276.84 and gasoline $17.56. He made a payment of $1,000. If the account applies the unpaid balance method, what are the finance charge and the new balance?

5.Find the installment price of a recliner bought on the installment plan with a down payment of $100 and six payments of $103.43.

6.Alex Murphy purchased a TV with surround sound and remote control on an installment plan with a $50 down payment and 12 payments of $ 103.66. Find the installment price of the TV

7.A computer with software costs $2,966, and Catherine Stevens has agreed to pay a 16% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each month?

8.Find the monthly payment on a VCR with an installment price of $ 937.19, 12 monthly payments, and a down payment of $100.

9.A Hepplewhite sofa costs $2,030 in cash. Jaquanna Wilson will purchase the sofa i

36 monthly installment payments. A 11% per year finance charge will be assessed on the amount financed. Find the finance charge, the installment price, and the monthly payment.

10.Convert to years, expressed in decimal form to the nearest hundredth. 4 months

11.A man took out a $42,000 construction loan to remodel a house. The loan rate is 8.6% simple interest per year to be repaid in six months. How much is paid back?

12. A man needed money to buy lawn equipment. He borrowed $500.00 for seven months and paid $53.93 in interest. What was the rate of interest?

13. Linda Davis agreed to lend money to Alex Luciano at a special interest rate of hom7% per year, on the condition that he borrow enough that he would pay her $300 in interest over a

three-year period. What was the minimum amount Alex could borrow?

14.A man needed money for college. He borrowed $7,000 at

14% simple interest per year. If he paid $735 interest, what was the duration of the loan?

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