is} * t) o PS oy Ls £. a pre | Dirctons Sate she fotowingprbles. Wt your anne the Blanks provides. Rose et fo te ‘A. Compute the total amount of installment payments and installment price. Down Number of Installment Amount of Installment Payment Payments Payment. Installment Pmt Price 5150 2 Sears teeta eeg eee 3350 10 $5200 ae 3260 2 $3975 5, 6 8. Find the total installment price and the finance charge. Retail Down Monthly Installment Finance Price Payment Installment Term Price charge 8750 $75.00 $90.00 9 months 7. 8 $800 $80.00 $148.80 6 months 9, 10. . Calculate the interest eebate. Finance Length Time Left Interest Charge of Loan ‘on Loan Rebate 5190 12 months 6 months n. $525 2 years 10 months 2 D. Determine the final payment. Length ‘Amount of Interest. = Time Left Final of Loan Payments Charged «on Loan Payment 12 months $67.30 $110.70 months 13, = V2months $112.20 $220.00 9months 14 E. Solve the following word problems, 15. Giana purchased a piano on installment with a down payment of {$600 and 12 payments of $88.40. Find the installment price. 462 BUSINESS MATH USING EXCEL— 16. Find the total amount of installment payments for lefrey. He purchased a wraparound sofa for his den, He agreed to pay 12 installments of $68.60. 17, The installment price for a leather reciner chair was $1,350 for ' 12-month loan. Kristen made a $150 down payment. Find the ‘monthly payment 18. Calculate the rebate fraction on a 12-month loan paid off with {8 months remaining. Calculate the interest rebate with 2 $78.00 finance charge, rebate faction interes rebate F. Use Excel to calculate amount to be financed, total interest, amount to be o repaid, and monthly installment, 19, Retrieve ch10ex03.xls fram your student Data CD. Kyle Godwin is interested in buying a 24-foat pontoon boat for $11,850. His credit Lnion’s terms are 109% down, 1496 interest, and 24 months to pay off the loon, Caicuate the amount to be financed, the interes, the amount to be repeld, and the monthly payment, {Enter the formula in Cell D5 to calculate the Amount to be Financed, ©, Enter the formula in Cell D4 to calculate the Interest. Enter the formula in Cell 7 to calculate the Amount to be Repaid. 4. Enter the formula in Cell D8 to calculate the Monthly Payment ®, Format Column D for Currency. Set Decimal places to 2. Set Currency symbol to $ f. Save the fleas chi ex03a.xs, 20. Retrieve ch10ex04.x1s from your student Data CD. | You financed a 4-year loan for $20,000 and were charged 9% Interest with a 209% Down Payment. Calculate the amount financed, the finance: charge and the monthly payment. ‘a, Enter 2 formula in Cell 88 to calculate the Amount Financed, Bb. Enter a formula in Cell B9 to calculate the Finance Charge. Enter a formula in Cell B10 to calculate the Monthly Payment d. Format dollar amounts for Currency, 2 Dacimal places, and $. 8. You have decided to pay off the loan after 30 months. You want to know the amount of finance charge rebate, Calculate the finance charge rebate, the balance remaining, and the loan payot ‘8 Enter the formula in Cell 822 to calculate the Sum of Digits Payments Remaining, '. Enter 2 formula in Cell 823 to calculate the Sum of Digits Total Payments Enter formula in Cell 824 to calculate the Hance Charge Rebate. 4. Enter a formula in Cell 825 to compute the Balance Remaining fe. Enter a formula in Cell 826 to find the Loan Payot. 4. Format dollar amounts for Currency, 2 decimal places, and 5. 4g, Save the file as chidexCda.als. WV —- ) CHAPTER 10 » Consumer Credit and Mortgages 463