1.Tom Jones has a revolving credit account with an annual percentage rate of 18%. Tom’s balance at the end of July was $728.15. The activity for the month was recorded:
August 10, a purchase of $136.19
August 15, a payment of $292
August 23, a purchase of $386.78.
The billing date is the first day of the month and the billing cycle is the number of days in that month. Determine the average daily balance for August? Round to the nearest cent.
2.Alice purchased a truck for a cash price of $24,900. She made a 15.5% down payment and financed the balance with payments of $395.47 per month for 60 months. Determine the finance charge amount?
3.Jane Windsor financed a $5,900 ski boat with a 12% add-on interest installment loan for 12 months. Given the loan required a 10% down payment, determine the following
The amount of the finance charge?
The amount of the finance charge rebate if the loan were to be paid after the 10th payment?
4.Find the monthly PITI payment for a mortgage of $196,000 at a rate of 6.5% for 25 years with annual property taxes and hazard insurance premium of $4,850 and $1084
5.Prepare an amortization schedule for the first three months on a loan of $87,000 at 6% for 20 years.
6.A home with a mortgage of $105,000 for 30 years has mortgage payments of $789.60 per month. Determine the amount of total interest on this mortgage?
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