08 May WHAT IS NICK’S CURRENT ACCOUNT BALANCE?
1) Nick has a revolving department store credit card account with an annual percentage rate of 15%. Last month’s balance on the account was 423.78. During the current month he made purchases totaling 123.42 and made a payment of 100. The store uses the unpaid balance method. According to this information what must be the amount of the finance charge? Round your answer to the nearest cent.2) What is the future value of an ordinary annuity of 12 000 per year for three years at 9% interest compounded annually3) Using the information provided in Question 2 What is nick’s current account balance?4) A company purchased an air conditioning system for 10 200. The shipping charges on the system were 875 and the setup costs were 1 250. The system is expected to last for 5 years and has a residual value of 2 000. If you use the straight-line method to calculate the depreciation for this air conditioning system what would be the annual depreciation5) Wallace and sarah have decided to purchase furniture for their new home. They have 2 payment options. The first option is to pay a cash payment of 4 200. The second option is to finance the furniture with a two-year installment loan. The loan requires at 12% down payment and 24 equal monthly payments of 195. According to this information what would be the finance charge on the loan6) The patel family recently purchased a home taking out a mortgage of 235 000 at 8 3/4% for 25 years. The annual property taxes on the home are 6 345 and the annual hazard insurance premium is 1 479. What is the monthly PITI payment of their loan7) How much money must be deposited now at 6% interest compounded semiannually to yield an annuity payment of 4 000 at the beginning of each six-month period for a total of five years? Round your answer to the nearest cent8) What sinking fund payment would be required at the end of each three-month period at 8% interest compounded quarterly in order to amount to 20 000 within five years9) Brenda bought a swimming pool by obtaining an 8% add-on interest installment loan from the bank. The pool cost 2 400 and the bank required a 15% down payment and equal monthly payments for two years. How much is brendas monthly payments 10) Shawn bought a home with an adjustable rate mortgage. The margin on the loan is 2.7% and the rate cap is 7.2% over the life of the loan. If the current index rate is 4.3% what is the initial interest rate of the ARM.
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