SondraStark_Unit6Assignment_BU250-03

SondraStark_Unit6Assignment_BU250-03 - 969.06 Problem 1...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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 =
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

Page1 / 3

SondraStark_Unit6Assignment_BU250-03 - 969.06 Problem 1...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online