MM255 BUSMATH UNIT5 ASSIGMT Joey D. Finley

MM255 BUSMATH UNIT5 ASSIGMT Joey D. Finley - Unit 5...

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Unit 5: Consumer Credit - Project You must show your work on all problems. You may type your answer right into this document. Total points for project: 45 Points. Projects must be submitted as a Microsoft Word document and uploaded to the Dropbox for Unit 1 . All Projects are due by Tuesday at 11:59 PM ET of the assigned Unit. NOTE: Project problems should not be posted to the Discussion threads. Questions on the project problems should be addressed to the instructor by sending an email or by attending office hours. Part I. Basic Computations 1. The Morrison family bought a car for \$22,000 was which was financed at \$600 per month for 40 months. The down payment was \$3000. a. What is the Installment Price? (5 Points) Answer: \$600x44=\$26,400, So \$26,400+\$3,000= \$29,400 as installment price. b. What is the financial charge and amount financed? (5 Points) Answer: \$26,400-\$22,000= \$4,400 is finance charge. \$22,000-\$3,000=

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This document was uploaded on 05/31/2011.

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MM255 BUSMATH UNIT5 ASSIGMT Joey D. Finley - Unit 5...

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