D, Find the final payment for these loans,
Length Amount of Interest
of Loan Payments Charge Full
16 month 3110.00 $232.40 12 months
12 month $97.80 $197.30 8 months
14 month $119.00 $187.20 10 months
6 months $320.00 5110.50 3 months
18 months $275.00 $348.00 15 months.
E. Determine the annual percentage rate or monthly rate. Round to 2 decimal places,
Annual Monthly Monthly Annual
Percentage Rate Rate Rate Percentage Rate
22, 18.00% 23. 1.60%
24, 24.00% 25. 1.85%
26. 16.50% 27. 1.45%
28. 12.60% 29. 0.95%
F. Using the previous balance method, calculate the finance charge and account balance.
Previous Balance APR Finance Charge Account Balance
$287.44 12% 30. 31.
$3,200.00 18% 32. 33.
$1,843.50 16% 34. 35,
$1,145.00 12% 36. 37.
G. Using the average daily balance method, compute the finance charge. A
Customer's charge account shows a balance of $600 on May 1. A payment of
$320 was made on May 10, Purchases of $290 were made on May 75. An
annual rate of 18% is applied to the account,
38. Average daily balance
39. Finance charge