Contemporary Mathematics for Business & Consumers - With LMS CengageNOW
8th Edition
ISBN: 9781337125468
Author: Brechner
Publisher: Cengage
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Textbook Question
Chapter 13, Problem 1CR
____ credit is a loan arrangement in which there is no set number of payments. (13-1)
Expert Solution & Answer
To determine
To fill: The blanks provided for the statement, “_____ credit is a loan arrangement in which there is no set number of payments.”
Answer to Problem 1CR
Solution:
Open-end credit is a loan arrangement in which there is no set number of payments.
Explanation of Solution
Open-end credit is a loan which is preapproved.
It takes place between the financial institution and a borrower that can be used repeatedly but to a certain limit.
It is an advantage for the borrowers as they can control the money they can borrow.
It has two forms: a loan or a credit card.
Hence, the Open-end credit is a loan arrangement in which there is no set number of payments.
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Prove that
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Homz(Q), Hom/z/nZ, Qt
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A: Tan Latitude / Tan P
A = Tan 04° 30'/ Tan 77° 50.3'
A= 0.016960 803 S CA named opposite to latitude,
except when hour angle between 090° and 270°)
B: Tan Declination | Sin P
B Tan 052° 42.1'/ Sin 77° 50.3'
B = 1.34 2905601 SCB is alway named same as
declination)
C = A + B = 1.35 9866404 S CC correction, A+/- B:
if A and B have same name - add, If
different name- subtract)
=
Tan Azimuth 1/Ccx cos Latitude)
Tan Azimuth = 0.737640253
Azimuth
=
S 36.4° E CAzimuth takes combined
name of C correction and Hour Angle - If LHA
is between 0° and 180°, it is named "west", if
LHA is between 180° and 360° it is named "east"
True Azimuth= 143.6°
Compass Azimuth = 145.0°
Compass Error = 1.4° West
Variation 4.0 East
Deviation: 5.4 West
A: Tan Latitude / Tan P
A = Tan 04° 30'/ Tan 77° 50.3'
A= 0.016960 803 S CA named opposite to latitude,
except when hour angle between 090° and 270°)
B: Tan Declination | Sin P
B Tan 052° 42.1'/ Sin 77° 50.3'
B = 1.34 2905601 SCB is alway named same as
declination)
C = A + B = 1.35 9866404 S CC correction, A+/- B:
if A and B have same name - add, If
different name- subtract)
=
Tan Azimuth 1/Ccx cos Latitude)
Tan Azimuth = 0.737640253
Azimuth
=
S 36.4° E CAzimuth takes combined
name of C correction and Hour Angle - If LHA
is between 0° and 180°, it is named "west", if
LHA is between 180° and 360° it is named "east"
True Azimuth= 143.6°
Compass Azimuth = 145.0°
Compass Error = 1.4° West
Variation 4.0 East
Deviation: 5.4 West
Chapter 13 Solutions
Contemporary Mathematics for Business & Consumers - With LMS CengageNOW
Ch. 13.I - Mike Dennis has a Bank of America account with an...Ch. 13.I - Kendra Wolf has a Bank of America revolving credit...Ch. 13.I - Angler Marine has a $75,000 line of credit with...Ch. 13.I - Calculate the missing information on the following...Ch. 13.I - Calculate the missing information on the following...Ch. 13.I - Calculate the missing information on the following...Ch. 13.I - Calculate the missing information on the following...Ch. 13.I - Prob. 5RECh. 13.I - Calculate the missing information on the following...Ch. 13.I - Anny Winslow has a Bank of America revolving...
Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Prob. 11RECh. 13.I - Kathy Hansen has a revolving credit account. The...Ch. 13.I - Prob. 13RECh. 13.I - 14. Calculate the average daily balance for...Ch. 13.I - 15. Calculate the average daily balance for...Ch. 13.I - Carolyn Salkind has a Bank of America revolving...Ch. 13.I - Prob. 17RECh. 13.I - The Jewelry Exchange has a $30,000 line of credit...Ch. 13.II - Bob Johnson found a car he wanted to buy at...Ch. 13.II - Prob. 5TIECh. 13.II - Prob. 6TIECh. 13.II - Prob. 7TIECh. 13.II - Prob. 8TIECh. 13.II - Prob. 9TIECh. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Prob. 3RECh. 13.II - Prob. 4RECh. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Prob. 6RECh. 13.II - Prob. 7RECh. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Prob. 9RECh. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the amount financed, the finance charge,...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Prob. 16RECh. 13.II - Prob. 17RECh. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Calculate the finance charge, the finance charge...Ch. 13.II - Prob. 21RECh. 13.II - Prob. 22RECh. 13.II - Prob. 23RECh. 13.II - Calculate the finance charge and the annual...Ch. 13.II - Prob. 25RECh. 13.II - Prob. 26RECh. 13.II - Prob. 27RECh. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Calculate the finance charge and the monthly...Ch. 13.II - Prob. 31RECh. 13.II - Prob. 32RECh. 13.II - Calculate the missing information for the...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - Prob. 35RECh. 13.II - Calculate the missing information for the...Ch. 13.II - Calculate the missing information for the...Ch. 13.II - Prob. 38RECh. 13.II - You are the loan department supervisor for the...Ch. 13.II - Prob. 40RECh. 13.II - You are the loan department supervisor for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - You are the loan department supervisor for the...Ch. 13.II - Prob. 44RECh. 13.II - Prob. 45RECh. 13.II - 46. Meghan Pease purchased a small sailboat for...Ch. 13.II - Prob. 47RECh. 13.II - 48. Doug Black bought a jet ski with a 9% add-on...Ch. 13.II - Olivia Fast found a timeshare offer entitling her...Ch. 13.II - Tim Houston purchased a wall unit for $2,400. He...Ch. 13.II - First National Bank offers a 36-month installment...Ch. 13.II - At a recent boat show, Nautica Bank was offering...Ch. 13.II - Prob. 53RECh. 13.II - 54. a. What is the rebate fraction of a 36-month...Ch. 13.II - Charlie Allen financed a $3,500 Nautilus home gym...Ch. 13 - ____ credit is a loan arrangement in which there...Ch. 13 - The effective or true annual interest rate being...Ch. 13 - Loans that are backed by the borrowers promise to...Ch. 13 - 4. Loans made on a continuous basis and billed...Ch. 13 - 5. Name the two most common methods used to...Ch. 13 - Prob. 6CRCh. 13 - Prob. 7CRCh. 13 - Prob. 8CRCh. 13 - Prob. 9CRCh. 13 - Prob. 10CRCh. 13 - Prob. 11CRCh. 13 - Prob. 12CRCh. 13 - 13. The finance charge ________ is the unearned...Ch. 13 - Prob. 14CRCh. 13 - Prob. 1ATCh. 13 - Prob. 2ATCh. 13 - Prob. 3ATCh. 13 - 4. Calculate the average daily balance for January...Ch. 13 - Mel Arrandt has a Bank of America account with a...Ch. 13 - Alpine Construction, Inc. has a $100,000 line of...Ch. 13 - George Bell bought an ultralight airplane for...Ch. 13 - 8. David Sporn bought a saddle from Linville...Ch. 13 - 9. Buster Blaster Recording Studio purchased a new...Ch. 13 - Chris Manning purchased a $7,590 motorcycle with a...Ch. 13 - 11. SkyHigh Aircraft Sales uses the Executive...Ch. 13 - 12. After making 11 payments on a 36-month loan,...Ch. 13 - An Auntie Annes franchise financed a $68,000...Ch. 13 - 14. You are a salesperson for Mega Marine Boat...Ch. 13 - 15. Joe Keener found the accompanying ad for a...
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