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Chapter 8: Problem 19
In Exercises 11-20, express each decimal as a percent. 100
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If a three-year car loan has the same interest rate as a six-year car loan, how do the monthly payments and the total interest compare for the two loans?
In Exercises 1-10, a. Find the value of each annuity. Round to the nearest dollar b. Find the interest. $$ \begin{array}{|l|l|l|} \hline \begin{array}{l} \$ 100 \text { at the end of } \\ \text { every six months } \end{array} & \begin{array}{l} 4.5 \% \text { compounded } \\ \text { semiannually } \end{array} & 25 \text { years } \\ \hline \end{array} $$
Describe two aspects of responsible credit card use.
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Exercises 1-2 involve credit cards that calculate interest using the average daily balance method. The monthly interest rate is \(1.5 \%\) of the average daily balance. Each exercise shows transactions that occurred during the March \(1-\) March 31 billing period. In each exercise, a. Find the average daily balance for the billing period. Round to the nearest cent. b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. c. Find the balance due on April 1 . d. This credit card requires a \(\$ 10\) minimum monthly payment if the balance due at the end of the billing period is less than \(\$ 360\). Otherwise, the minimum monthly payment is \(\frac{1}{30}\) of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by April 9 ? $$ \begin{array}{|l|c|} \hline \text { Transaction Description } & \text { Transaction Amount } \\ \hline \text { Previous balance, } \$ 6240.00 & \\ \hline \text { March 1 } \quad \text { Billing date } & \\ \hline \text { March 5 } \quad \text { Payment } & \$ 300 \text { credit } \\ \hline \text { March 7 } \quad \text { Charge: Restaurant } & \$ 40 \\ \hline \text { March 12 } \quad \text { Charge: Groceries } & \$ 90 \\ \hline \text { March 21 } \quad \text { Charge: Car Repairs } & \$ 230 \\ \hline \text { March 31 } \quad \text { End of billing period } & \\ \hline \text { Payment Due Date: April 9 } & \\ \hline \end{array} $$
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