The manager of Bob's Yacht Sales has approved your application for credit. The maximum payment she approved is $80 a month for 48 months. The APR is 12.3 percent. What is the maximum price of a boat you can afford to purchase using the credit offered by the store?
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- The manager of Steve’s Audio has approved Daisy’s application for 24 months of credit at maximum monthly payments of $45. If the annual percentage rate (APR) is 19.2 percent, what is the maximum initial purchase that Daisy can buy on credit? Can the calculator and excel solution be provided?Assume that you are on your way to purchase a new car. You have already applied and been accepted for an automobile loan through your local credit union. The loan can be for an amount up to $25,000, depending on the final price of the car you choose. The terms of the loan call for monthly payments for a period of four years at a stated interest rate equal to 6 percent. After selecting the car you want, you negotiate with the sales representative and agree on a purchase price of $24,000, which does not include any rebates or incentives. The rebate on the car you 24 chose is $3,000. The dealer offers “0% financing,” but you forfeit the $3,000 rebate if you take the “0% financing.” a. What are the monthly payments that you will have to make if you take the “0% financing”? (Hint: Because there is no interest, the total amount that has to be repaid is $24,000, which also equals the sum of all the payments.) b. What are the monthly payments if you finance the car with the credit union loan?…For the best terms on a loan or credit card, you need a credit score above 720. To achieve this, start establishing credit now. Pay all of your bills on time. In addition, use only one-third of your available credit limit and pay off your revolving balance(s) each month. R. J. Johnson has excellent credit. She wants to purchase a piece of equipment for her business and was offered 6% for 60 months for the $47,000 unit. What is her monthly payment by add-on method? Note: Round your answer to the nearest cent. Monthly payment
- 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 owedIf 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 $1,169 10/3 credit 10/12 Charge: King Soopers 10/15 Payment 10/25 charge: Delta 10/30 Charge: Holiday Fun $74 cr. 153 360 cr. 326 66 Amount owedIf 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 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun Amount owed $84 cr. $143 $260 cr. $316 $56 Check my $ 1,159
- You want to purchase an automobile for $31,074 . The dealer offers you 0% financing for 48 months or a $6,061 rebate. You can obtain 5.7% financing for 48 months at the local bank. Which option should you choose?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 12% APR and the following transactions? Note: Round your answer to the nearest cent. 10/1 10/3 10/12 10/15 10/25 10/30 Amount owed 31-day billing cycle Previous balance Credit Charge: King Soopers Payment Charge: Delta Charge: Holiday Fun $ 77 $ 150 $ 330 $ 323 $ 63 Credit Credit $ 1,166If 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 12% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun Amount owed $ 75 cr. $152 $350 cr. $325 $ 65 $ 1,168
- 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 12% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $1,177 $ 66 cr. 161 440 cr. 334 74 Amount owed 1 of 15 E Next > Mc Graw Hill Prev ... DO bo 1O 244 16 17 20 14 17 F3 F2 & 23 %24 7 8. 6. 2 Y Q W K G H F N. V C comma MOSISO V S4You are purchasing a new car for $27,600. The dealership offers you three options: 0% financing: 0 down and 0% financing for 48 months. Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank. Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months: Use this information for the questions below. Use the Buying a Car information above to answer this question. You want to make monthly payments of $449, but you don't want a car loan over your head for more than 48 months, so you decide to go with the down payment option. How much of a down payment do you need to make? $_____ . Round to the nearest dollarIf 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 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance $ 1,173 10/3 Credit $ 70 cr. 10/12 Charge: King Soopers $ 157 10/15 Payment $ 400 cr. 10/25 Charge: Delta $ 330 10/30 Charge: Holiday Fun $ 70