Test_3 - Name Vanessa Renee Holmes TEST 3 Business Math...

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Name Vanessa Renee Holmes TEST 3 - Business Math POFT 1321 Complete the following table, showing the unpaid balance at the end of each month. Assume an interest rate of 1.5% on the unpaid balance. Month Unpaid Balance at Beginning of Month Finance Charge Purchases during Month Returns Payment Unpaid Balance at End of Month January 150.34 1. 2.26 17.55 10.20 20.00 2. 139.95 February 3. 139.95 4. 2.10 14.00 0.00 30.00 5. 126.05 150.34 x .015 = 2.26 + 150.34 + 17.55 = 170.15 – 10.20 – 20.00 = 139.95 139.95 X .015 = 2.10 + 139.96 +14.00 = 156.05 – 30.00 = 126.05 Find the finance charge and the total installment cost for the following. Purchase Price Down Payment Amount Financed Monthly Payment Number of Payments Finance Charge Total Deferred Payment Price 21,000 2,100 6. 18,900 850.50 24 7. 1512.00 8. 22,512 21,000 – 2,100 = 18,900 850.50 X 24 = 20,412 – 18900 = 1512 850.50 X 24 = 20,412 + 2100 = 22512 Find the monthly loan payment (on the loan only) and the total monthly payment (which includes annual taxes and insurance). Use the table on p. 492. Amount of Loan Interest Rate Term of Loan Monthly payment (on loan only) Annual Taxes Annual Insurance Total Monthly Payment (with taxes & insurance) 160,000 7.5% 30 years 9. $1120.00 2000 1400 10. $1403.33 300,000 8% 30 years 11. $2202.00 3500 2500 12. $2702.00 160000 / 1000 = 160 X 7.00 = 1120 2000 + 1400 = 3400 / 12 = 283.33 + 1120 = 1403.33 300000 / 1000 = 300 X 7.34 = 2202 3500 + 2500 = 6000 / 12 = 500 + 2202 = 2702
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Find the total cost of a loan based on given monthly payment amount and term of loan. Monthly
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This note was uploaded on 06/21/2011 for the course POFT 1321 taught by Professor Gloriamarshall during the Spring '11 term at Richland Community College.

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Test_3 - Name Vanessa Renee Holmes TEST 3 Business Math...

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