Marisol finances a sports car for 27,100 by taking out an installment loan for 36 months. The payments were 978.61 per month and the total finance charge was 8,129.96. After 22 months, Marisol decided to pay off the loan. After calculating the finance charge rebate, find her loan payoff amount.
A) 13,700.54
B) 12,418.79
C) 12,995.85
D) 14,862.23
Q. 2
An accounting firm has 24 partners. Twelve partners are senior partners and twelve are junior partners. The senior partners receive twice as much as the junior partners. A net income of 22,600,000 is earned for the year. How much will each junior partner receive?
Q. 3
A finance company offers a 36-month installment loan with an APR of 10.5. Jerry wishes to use the loan to finance an engagement ring for 21,500. After first using Table 13-1 from your text to find the finance charge, calculate the monthly payment.
A) 698.81
B) 785.35
C) 659.93
D) 597.22
Q. 4
Underline the key word(s) and translate into an equation: 6 more than 5 times a number, plus 3 times that number, is 30
Q. 5
You wish to finance the purchase of some living room furniture for 3,800. A bank offers an APR of 16.75 on a 36-month installment loan. After first using Table 13-1 from your text to find the finance charge, calculate your monthly payment.
A) 105.56
B) 135.01
C) 123.10
D) 149.10
Q. 6
Underline the key word(s) and translate into an equation: sales is the product of price and quantity