SondraStark_Unit6Assignment_BU250-03

# SondraStark_Unit6Assignment_BU250-03 - 969.06 Problem 1...

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Problem 1 699 699 x8.25% 57.67 57.67 756.67 Total Paid Problem 2 Leap Year Pay = March 16th (Day 75) Non Leap Year Pay Off = March 15th (Day 74) I think that the finance company would generally want to use the ordinary interest method. They want to do this because it yields a slightly higher amount of interest. Problem 3 Total Price + Sales Tax = 756.67 Annual Simple Interest = 26.8%=202.79 Total at February 15th after \$50 mandatory payment = 959.46 2% simple interest/mo after 90 days = 19.19 Total on April 1st = 978.65 Problem 4 Total price + sales tax = 756.67 Annual Simple Interest = 26.8% = 202.79 2% simple interest for 17 days = 9.6 Total Payoff 17 days late =

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Unformatted text preview: 969.06 Problem 1 Amount Financed Cash Price - Down Payment = 7644.25-764.43=6,879.82 Installment Price Total of Installment Payments + Down Payment = 8767.92 +764.43= 9,532,35 Finance Charge Installment Price - Cash Price = 9532.35-6879.82=2652.53 Problem 2 APR = 37.24 Problem 3 Interest Refund = 45/300=9/60=.15 2652.54(.15)=397.88 Problem 4 Date Charge Daily Unpaid # of Days Parial Sum 4/1-4/5 \$440 \$440 5 2200 4/6-4/10 240 680 5 3400 10-Apr-50 630 1 630 4/11-4/19 68.45 698.45 9 6286.05 4/20-4/26 129.44 827.89 7 5795.23 4/27-4/30 25 852.89 4 3411.56 21722.84 /31 700.74=ave erage daily balance...
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SondraStark_Unit6Assignment_BU250-03 - 969.06 Problem 1...

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