Reference no: EM133072489

1 Calculate the finance charge for a credit card that has the given average daily balance and interest rate. (Round your answer to the nearest cent.)Average daily balance: $116.72; monthly interest rate: 1.45%

2 Chuong Ngo borrows $4000 from a bank that advertises a 7% simple interest rate and repays the loan in five equal monthly payments. Estimate the APR. Round to the nearest tenth of a percent. Use the Approximate Annual Percentage Rate Formula.

3 Suppose you purchase a car for a total price of $22,895, including taxes and license fee, and finance that amount for 4 years at an annual interest rate of 8%. (Round your answers to the nearest cent.) (A)Find the monthly payment. (B)What is the total amount of interest paid over the term of the loan?

4 Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a monthly payment of $605.50. After 3 years, Angela decides to purchase a new car. What is the payoff on Angela's loan? (Round your answer to two decimal places.)

5 Jeffery Wei received a 6-year non-subsidized student loan of $33,000 at an annual interest rate of 5.9%. What are Jeffery's monthly loan payments for this loan after he graduates in 4 years? (Round your answer to the nearest cent.)

6 A stock that pays an annual dividend of $0.66 per share has a current price of $31.75. Find the dividend yield. Round to the nearest hundredth of a percent.

7 Suppose that you owned 1000 shares of stock in Procter & Gamble (PG). You purchased the shares at a price of $48.92 per share and sold them at the closing price of the stock given in the table. (A) Ignoring dividends, what was your profit or loss on the sale f the stock? (B) If your broker charges 1.7% of the total sale price, what was the broker's commission?

8 Michele Desjardins bought 900 shares of Apple (APPL) at the 52-week low and sold the shares at the 52-week high shown in the table. (A) Ignoring dividends, what was Michele's profit or loss on the sale of the stock? (B) If her broker charges 1.9% of the total sale price, what was the broker's commission?

9 A bond with a face value of $6000 and a 4.4% coupon has a 5-year maturity. Find the annual interest paid to the bondholder.

10 A bond has a $12,000 face value, an 8-year maturity, and a 3.05% coupon. Find the total of the interest payments paid to the bondholder

11 After making payments of $891.10 for 8 years on your 30-year loan at 8.5%, you decide to sell your home. What is the loan payoff? (Round your answer to two decimal places.)

12 A homeowner has a mortgage payment of $996.60, an annual property tax bill of $599, and an annual fire insurance premium of $300. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

13 Suppose you obtain a 20-year mortgage loan of $196,000 at an annual interest rate of 8.2%. The annual property tax bill is $976 and the annual fire insurance premium is $487. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

14 The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate of 6.9%. (A) How much greater is their mortgage payment if the term is 20 years rather than 30 years? (B)How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

15 You have saved $20,000 for a down payment on a house. Your bank requires a minimum down payment of 13%. What is the maximum price you can offer for a home in order to have enough money for the down payment? (Round your answer to two decimal places.)