Exam 12: Business and Consumer Loans

Solve the problem. -To produce a calculator, Cal Industries signed a note on April 2 for $86,400, due in 120 days at 14% interest. On May 5 they made a payment of $20,000, and on June 1 another of $25,000. Find the amount due on the maturity date and the interest charged.

Solve the problem. -The monthly payments on a $50,000 loan at interest for 30 years is $350.00. How much of the first monthly payment will go toward the principal?

Find the unpaid balance at the end of the month for the account. - Finance rate is 1.8% on the unpaid balance. Find unpaid balance at the end of Feb.

Use the loan payoff table to find the monthly payment and finance charge for the loan. -Amount financed: $60,642 Number of months: 48 APR: 8%

Solve the problem. -The Habers purchase a $7000 living room set, putting $500 down and agreeing to pay $350.50 each month for 2 years. After 14 payments, they decide to pay off the note. How much is saved in interest? How much is needed to pay the balance of the loan?

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent. -Finance charge: $9,325 Total number of payments: 61 Remaining number of payments, when paid in full: 35

Find the balance due on the maturity date of the note. Find the total amount of interest paid on the note. Use the United States Rule. -Principal: $3000 Interest: Time (days): 60 Partial payment: $1200 on day 30

Solve the problem. -The balance due on a charge card that charges 1.6% on the average unpaid balance is $4,524.87. How much could be saved if the cardholder changed to a credit card that charges 1.0% on the average unpaid balance?

Solve the problem and use the table to find the annual percentage rate. -An appliance store offers a refrigerator for $1,200 with no down payment, $145.68 in finance charges and 24 equal payments. Find the annual percentage rate.

Provide an appropriate response. -Explain the difference between the Amortization Table and the Loan Payoff Table.

Use the real estate amortization table to find the monthly payment for the loan. -What is the monthly payment on a 30-year loan of $96,800 if the annual interest rate is 8%?

Find the balance due on the maturity date of the note. Find the total amount of interest paid on the note. Use the United States Rule. -Principal: $8200 Interest: 10.5% Time (days): 220 Partial payment: $3000 on day 150

Use the real estate amortization table to find the monthly payment for the loan. -What is the monthly payment on a 25-year loan of $101,300 if the annual interest rate is ?

Use the real estate amortization table to find the monthly payment for the loan. -What is the monthly payment on a 15-year loan of $101,300 if the annual interest rate is 5%?

Find the total monthly payment including taxes and insurance for the loan. Round to the nearest cent. -Amount of loan: $137,000 Interest rate: 6% Term of loan: 25 years Annual taxes: $2,139 Annual insurance: $627

Solve the problem. -On June 18 Delane Adams bought a microwave oven for $350 on credit, the note due in 30 days at 11.25% interest. On July 1 she made a partial payment of $100. Find the amount due on the maturity date of the note and the interest paid on the note.

Solve the problem. -The James family wants to save some money in interest by paying off their auto loan 12 months early. The 36-month loan required payments of $455 per month. The car cost $18,600 with a down payment of $6000. How much unearned interest did they save?

Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent. -Doris White decided to get new appliances for her kitchen at a cost of $5900. She puts $700 down and will pay $137.75 per month for 48 months. Find the total installment cost, the finance charge, and the approximate annual percentage rate.

Use the real estate amortization table to find the monthly payment for the loan. -What is the monthly payment on a 20-year loan of $68,400 if the annual interest rate is

Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent. -Finance charge: $397 Total number of payments: 28 Remaining number of payments, when paid in full: 5