Chuck Widle bought a Jeep for a cash price of 24,900. He made a 15.5 down payment and financed the balance with payments of 395.47 per month for 60 months. What was the amount of the finance charge on this loan?
Q. 2Paul's Record Shop sells old CDs for 7 each and cassettes for 2 each. Today they sold a total of 1,400 CDs and cassettes and took in 8,100. a. How many CD's were sold? b. What was the total dollar sales of cassettes?
Q. 3Frog's Leap Vineyards has a 45,000 line of credit which charges an annual percentage rate of prime rate plus 6.5. The starting balance on March 1 was 4,200. On March 8, they made a payment of 2,000, and on March 16, they borrowed 4,400. If the current prime rate is 10, what is the new balance?
Q. 4Script's Book Store sold 864 items last week. They sold twice as many magazines as paperback books, and five times as many paperback books as hardbound books. How many of each product was sold? a. Magazines ____________ b. Paperbacks ____________ c. Hardbound ____________
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Q. 5The Century Corporation has a 50,000 line of credit with Prime Bank. The annual percentage rate is the current prime plus 4.3 based on the average daily balance. The balance of the account on September 1 was 18,200. On September 12 Century borrowed 10,000 to pay for a shipment of merchandise, and on September 18 they borrowed another 5,200 for equipment rental. On September 25 a 20,000 payment was made on the account. The current prime rate is 6 1/2. a. What is the finance charge on the account? b. What is Century's new balance?
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