3. The cost of a used car is 11,900. It could be financed with a down...

3. The cost of a used car is 11,900. It could be financed with a down payment of
10% and a 5-year loan at a rate of 6.9%. Determine the following:
(a) The amount financed.
(b) The monthly payment.
(b) The total installment price. (Installments  Down Payment.)
(c) The finance charge.

4. A credit card has a monthly rate of 2% and uses the average daily balance method
for calculating interest. The minimum monthly payment is the larger of 2% of the
balance on the closing date rounded up to the nearest dollar or $10. Details of
June1-June 30 itemized billing are:
June 1 Unpaid Balance $1260
June 6 Purchase $130
June 10 Purchase $70
June 12 Purchase $120
June 15 Payment received $500
June 23 Purchase $80
June 27 Restaurant Bill $90
(a) Find the Average Daily Balance
(b) Find the interest due on the payment due date.
(c) Find the total balance owed on July 1.
(d) What is the minimum monthly payment on the due date, July 20?

Please Answer this ASAP.

Thanks

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Expert Solution

jeff jeffy answered 1 year ago

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