Math Assignment 8 - Math Homework, Work Shown PDF

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Math Homework, Work Shown...

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Math 104B Instructor: James Lee Date: Assignment 8 Student Name: Points: Please print and show all work in the space provided, even if you use a calculator. You may use extra paper as necessary. 1) Last month, Jan’s credit card had an average daily balance of $200, and the APR is 19.9%. What is the finance charge if there are 30 days in the billing cycle?

2) The balance on Joe’s credit card on November 1st, the billing date, is $60. He makes a payment of $20 on November 12th, and does not make any more purchases or payments in the billing cycle. If the APR is 15%, find the balance due on December 1st.

3) Kate bought a new refrigerator for $2200, and finances it for $110 per month for 24 months.

4) Chris sees a TV that sells for $1200. He agrees to buy it on an installment plan by paying $100 at the time of purchase and paying the balance over one year. If the interest rate is 12%, find:

a) What was the total cost for the refrigerator?

a) the finance charge (i.e. the interest he pays)

b) the monthly payment b) What is the finance charge? (i.e. the interest she paid)

c) The total cost paid overall...