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1. The Morrison family bought a car for $22,000 was which was financed at $600 per month for 40 months. The down payment was $3000.

a. What is the Installment Price?
Answer:

b. What is the financial charge and amount financed?
Answer:


2. Jason's credit card's beginning unpaid balance for August is $2,000. During the August billing cycle he made a payment of $200 and used card to purchase $50 worth of grocery. Credit card charges 24% annual percentage rate and uses the unpaid balance method.

a. What is the finance charge at the end of August?
Answer:

b. What is the new balance at the end of August?
Answer:

 

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