Garrick is purchasing equipment for his job as a builder. The equipment costs $1000 and he wants to make monthly payments of $125. He has two different credit cards that he can use to finance the purchase. • Card A charges 9.9%, compounded daily, but it also charges a fee of $65 for all purchases over $1000 that is immediately added to the balance. • Card B charges 13.3%, compounded daily. What is the total cost of both options? Enter the total cost of the cheaper option here:

Garrick is purchasing equipment for his job as a builder. The equipment costs $1000 and he wants to make monthly payments of $125. He has two different credit cards that he can use to finance the purchase. • Card A charges 9.9%, compounded daily, but it also charges a fee of $65 for all purchases over $1000 that is immediately added to the balance. • Card B charges 13.3%, compounded daily. What is the total cost of both options? Enter the total cost of the cheaper option here:

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Rebecca borrowed $20 400 from her local credit union to pay for the upgrades in her kitchen. She wants to pay the loan with monthly payments over the period of 3 years. What is the interest included in the tenth payment, if the rate charged by the credit union is 6% monthly?
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Suppose Daryl spontaneously decides to treat all his friends to pizza, drinks, and dessert at a dine-in Italian place. He has already spent his excess cash from his paycheck so he decides to put it on his credit card and pay for it later. The total cost for the pizza for his group of friends including the tip is $149.45. His credit card has an interest rate of 21.99%. If he makes payments of $25 per month, how long it take him to pay for that spontaneous purchase of pizza? (Show your calculations steps.)
21 After visiting several automobile dealerships, Richard selects the car he wants. He likes its $12,000 price, but financing through the dealer is no bargain. He has $2,400 cash for a down payment, so he needs a loan of $9,600. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $9,600 for a period of five years at an add-on interest rate of 13 percent. a. What is the total interest on Richard's loan? Total interest. b, What is the total cost of the car? Total cost c. What is the monthly payment? Monthly payment
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If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance $1,156 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Deltal 10/30 Charge: Holiday Fun $ 87 cr. 140 230 cr. 313 53 Amount owed
Arminte is expanding her massage therapy business and needs to purchase equipment totaling $7,918.55 including sales tax. The supplier offered in-house financing of 30 monthly payments at $281.93 per month, with a 10% down payment. Answer parts 1 through 6. 1. Find the amount financed, installment price, and the finance charge presuming Arminte goes with the supplier. The amount financed is $nothing
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