Payment and Loans
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Hi, I need some assistance completing the following algebra questions.
Questions:
1. Find the amount of interest and monthly payment for the loan. Purchase a car for $42,500 at 2.9% add-on rate for 5 years. (round your answers to the nearest cents).
2. Convert the following credit card rate to the APR. Nebraska, 0.03014% daily rate. (round you answer to the nearest who number.)
3. Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days. $3,000 balance, 21% rate, $1,500 payment - (adjusted balance method)
4. Make a 5% offer on a Volkswagen New Beetle that has a sticker price of $22,120 and a dealer cost of $20,869. (round to the nearest dollar.)
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Solution Summary
Loans and loan payments are examined. The amount of payment interest are determined.
Solution Preview
1. 2.4% add-on means 2.4% added to the total indebtedness for each year of the loan. There are 60 months in 5 years. So amount of interest is 42500*2.9%*5=6162.5 and ...
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