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20 Cards in this Set

  • Front
  • Back

The price of a stove is s dollars. Pedro makes a 10% down payment for a two-year installment purchase. The monthly payment is m dollars. Express the finance charge algebraically. Simplify your answer.

24m - (s - .1s)


24m - .9s

Mr Hut buys an entertainment system credenza for $2,445. on a six-month plan. He puts 5% down and make monthly payments of $400 per month for 6 months.


a) How much money did he pay for a down payment


b) What was finance charge if he pays the unit off in 6 months.

a) (2445*.05)=$122.25


b) (400*6+122.25 - 2445)=$77.25

The Star Pawnshop will lend up to 45% of the value of a borrower's collateral. Ryan want to use $4,000 worth of jewelry as collateral for a loan. What is the maximum amount that he could borrow?

$1,800

What is the total interest on a 15-year loan, 4.98% loan with a principal of $40,000

a) Ms Fox daily balances for the past billing period are given below. Find Ms. Fox's average daily balance.


b) If her interest rate is 11.3% find the finance charge for this month.


10 days - $987.65


3 days - $1244.43


8 days = $244.43


9 days = 530.00



a) $677.84


b) (677.84)(.113/12) = $6.38

The average daily balance for Pete's credit card last month was a dollars. The finance charge was f dollars. Express the APR algebraically.

12f/a

Tommie's credit rating was lowered and the credit card company raised her APR from 18% to 25.2%. If her average daily balance this month is $8,237, what is the increase in this month's finance charge due to the higher APR?

$49.42

$1,145.57

Lizzy has a credit line of $9,000. The following was reported on her last credit statement:


Previous Balance = $6,500.56


Payments/Credits = $5,200.00


Transactions = $978.45


Late Charge = $20.00


Finance Charge = $12.88


What is her available credit balance?

$6,688.11

Sheila's periodic rate is 2.41%. What is her APR?

28.92%

$29,871

x = 5

x = 1/2

Solve for the variable (round to the nearest hundredths:


x = ln 4.2

x = 1.44

Solve for the variable (round to the nearest hundredths.


ln x = 1.6

x = 4.95