MM final first sem with AKS

MM final first sem with AKS - Computes the finance charge...

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Computes the finance charge for a charge account/credit card by unpaid balance method and average daily balance method 1. Mimi has an unpaid balance of $148 on her department store credit card. If the periodic finance charge rate is 1.75%, compute the finance charge she will pay using the unpaid balance method. A. $3.56 B. $2.59 C. $1.78 D. $2.11 Answer: B 2. Tony has a bank charge card. For the billing period from September 1 st to September 15th, he owed $300 and from September 16th to September 30th, he owed $500. Using 1.45% periodic rate, find the finance charge he will pay using the average daily balance method for the month of September where no new purchases are included. A. $4.34 B. $6.99 C. $5.80 D. $58.00 Answer: C Calculates the finance charge and monthly payment on an installment plan. MONTHLY PAYMENT ON A $100 LOAN TERM IN ANNUAL PERCENTAGE RATE MONTHS 10% 6 $17.16 12 8.79 18 6.01 24 4.61 30 3.78 36 3.23
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3. Luis purchased a stereo for his car. The stereo cost $689.60. Using the store's credit
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This note was uploaded on 01/24/2012 for the course HUM 9999 taught by Professor Variousprofessorslisted during the Summer '06 term at Abilene Christian University.

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MM final first sem with AKS - Computes the finance charge...

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