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.

Q: On May 1, the billing date, Kayla had a balance due of $673.64 on her credit card. In May, Kayla…

A: Determine the finance charge on June 1 by previous balance method: By this method, we need to…

Q: Ron Prentice bought goods from Shelly Katz. On Sept. 14, Shelly gave Ron a time extension on his…

A: The note is discounted from the bank to receive early payment from the note issued to customer. The…

Q: STATEMENT BALANCE. Your credit card statement period CLOSES on the 1st of every month and a new…

A: Statement close date, billing date and payment due dates have been specified. We have to find the…

Q: will be received and posted on the 10th of each month. No other charges will be made on the account.…

A: The computation of charges for purchases made with a credit card is the subject of the inquiry.…

Q: Ron Prentice bought goods from Shelly Katz. On April 16, Shelly gave Ron a time extension on his…

A: Given,Principal  (P) = $3,025Rate of interest (R) = 9%Time (T) = 160 / 360 = 0.4305I = P* R *…

Q: Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the…

A: Given information: Limit of credit card : $1,000 Usage : Month 1-$150, Month 2-$200, Month 3-$199…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2​%. The unpaid balance for his…

A: Finance Charge: It refers to the amount of interest you'll pay on a loan, and it's most commonly…

Q: How much will Jim repay on March 11?

A: Introduction: The term loan refers to the amount which is lent by either an individual or an…

Q: Kim received a credit card statement that has a new balance of $245.98 and a minimum payment of…

A: The interest on the credit card refers to the amount that the issuing company charges on the use of…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 16.8%. The unpaid balance for his…

A: Annual percentage rate = 16.8%  Unpaid balance of billing cycle = $1,406.25  Cost of printer…

Q: On November 1, Suzy made a single deposit of $5,000 into an investment account that earns interest…

A:

Q: The due date on Gabrielle's credit card is the 8th day of each month. Gabrielle's unpaid credit card…

A: Balance on July 8th is $2,750 Additional Charges during month is $320 Payment during month is $400…

Q: On October 24, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: (a) Let's first calculate the interest charged by the Silver Card: The…

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: For each of the following annuities, find the best matching description (given that each answer…

A: Contingent annuity: An annuity paid over a variable number of periods is known as a contingent…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his…

A: The finance charge is the cost of the unpaid balance. The balance of the credit card is adjusted for…

Q: For each of the following annuities, find the best matching description (given that each answer…

A: An annuity refers to a stream of equal cash flows that occur at regular intervals. There are…

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill…

A: No. of Days from Feb 26 to May 10 = 74Days Interest on Note at Maturity = 4,400 x 0.06 x 165/360…

Q: Ansm Audrey worked a part-time job during college to help pay for various expenses. She also set…

A: Here, Monthly Savings (PMT) is $200 Return earned (r) is 10.6% Compounding Period (m) is Monthly i.e…

Q: insky owns a new Volvo. His June monthly interest is $400. The rate is 8 ½%. Matty's principal…

A: Given Monthly interest = $400 i=8.5% pa or 0.71% per month n =30 days

Q: (a) Based on this information, calculate the interest (in $) charged by each card for this purchase.…

A: The charges paid by the borrower to the lender for the loan is known as interest. Interest depends…

Q: OSarah began her credit card billing cycle with a zero balance, and her billing date is March 20.…

A: Bill Date  20-Mar Purchase date 21-Mar Amount  $            4,600.00 Bill Date  24-Mar Due…

Q: ing a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans…

A: Given, Cost of refrigerator = $1,899 Sales tax = 7.25% Annual percentage rate (APR) = 18.9% Monthly…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Credit cards are used now days by many people but charges on credit cards are much more. So credit…

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time e lay note. On May…

A: Notes are financial instruments in which interest is paid on maturity along with principal amount.

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: A revolving credit account is the kind of account that gives you access to a set limit of money i.e.…

Q: Pete Sampras borrows $10,000 to purchase a car. He must repay the loan in 48 equal end of periodic…

A: The nominal rate is just the monthly rate multiplied by the number of periods in a year.Nominal Rate…

Q: On October 24, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: Credit cards are plastic or metal cards used to pay for items or services using credit. Credit cards…

Q: Erica Tomlinson's credit card company determines her minimum monthly payment by adding all new…

A: Minimum Monthly Payment: It is  is the lowest amount a customer   should pay  to credit card…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his…

A: Unpaid balance method ascertains the finance charge on the previous balance outstanding i.e., the…

Q: Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day…

A: A credit card is a financial service offered by banks and other financial institutions to their…

Q: Eva Mendez decides to save up an additional down payment for a condo she hopes to purchase in 4…

A: Given information : Time period = 4 years Interest rate = 4% Quarterly payments = $970

Q: Jack places an amount of 560 in an account at the end of each year for 12 consecutive years…

A: Annual depoist (C) = $560Interest rate (r) = 0.08Number of deposits (n) = 12Value at the end of 12th…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his…

A: Monthly Interest Rate=Annual Interest RateNo. of periods in a year=19.2%12=1.6% a) Finance…

Q: On the first of February, Rosa Maria deposits $19,500 in an account earning 5.7% simple interest per…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last…

A: Computation: