Summary Practice Test - 5.  Claire Russell is buying a car. Her November monthly interest was $210 at 7 3/4% interest. What is Claire’s principal balance (to the nearest dollar) at the beginning of November? Use 360 days. Do not round the denominator in your calculation.

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You can buy a car for $6,998 with $798 down and payments of $164.51 each month for 48 months. what's the amount of interest, interest rate (rounded to two decimal places) and the APR (rounded to the nearest 10th of a percent)

On October 25, you plan to purchase a $1,500 computer by using one of your two credit cards. The Silver Card charges 18% interest and calculates interest based on the balance on the first day of the previous month. The Gold Card charges 18% interest and calculates interest based on the average daily balance. Both cards have a $0 balance as of October 1. The closing date is the end of the month for each card. Your plan is to make a $500 payment in November, make a $500 payment in December, and pay off the remaining balance in January. All your payments will be received and posted on the 10th of each month. No other charges will be made on the account. (Round your answers to the nearest cent.) (a) Based on this information, calculate the interest (in $) charged by each card for this purchase. Silver Card Gold Card $7 $ 7.6 X (b) Which card is the better deal and by how much (in $)? The ---Select--- is the better deal by $