Math Alert ‘A department store advertised a home satellite system for a cash payment of $1,994 or an installment plan with 95 monthly payments of $55 and no money down. Find the finance charge and prove the monthly payment. Here are the best credit card deals available among United States banks surveyed by bankrate.com as of January 28, 2003. Rates are for conventional credit cards and apply only to purchases. Cash advances frequently are charged interest from the date of the transaction. FOR PEOPLE WHO CARRY BALANCES Institution Annual Rate ‘Annual Fee Grace Period ‘Wachovia Bank 4.25v $98 25 days Pulaski Bank & Trust Co. 5.50F $35 25 days Chase Manhattan Bank USA 5.90V $0 25 days Amalgamated Bank of Chicago 7.50V $37 25 days FOR PEOPLE WHO PAY OFF BALANCES MONTHLY Institution Annual Rate Annual Fee Grace Period ‘Chase Manhattan Bank USA 5.90 $0 25 days First Union National Bank 10.24v 30 25 days ‘Wachovia Bank 10.24v 30 25 days Amalgamated Bank of Chicago 10.75V 0 25 days = Vavinble Rate; F = Fixed Rate Grace period refers fo e speci perled of time when na interest or fees ae charged on bills. Determine the monthly rate to the nearest hundredth of a percent for the following institutions: FOR PEOPLE WHO CARRY BALANCES a, Almagamated Bank of Chicago b, Wachovia Bank FOR PEOPLE WHO PAY OFF BALANCES MONTHLY <. Almagamated Bank of Chicago 4. Wachovia Bank BUSINESS MATH USING EXCEL