Question

Please answer all the questions 1. What is the new balance on a loan which had:...

Please answer all the questions

1. What is the new balance on a loan which had:

  • A previous balance = $1,028.61
  • APR = 12%
  • Purchases & Cash Advances = $322.20
  • Payments & Credits = $300

Group of answer choices

$10.29

$1,000.00

$1,061.10

$1,610.10

2. What is the new balance on a loan which had:

  • A previous balance = $605.42
  • APR = 9%
  • Purchases & Cash Advances = $156.12
  • Payments & Credits = $200

Group of answer choices

$566.08

$600.00

$656.08

$4.54

3. What is the new balance on a loan which had:

  • A previous balance = $35.00
  • APR = 12%
  • Purchases & Cash Advances = $186.40
  • Payments & Credits = $75

Group of answer choices

$146.75

$164.75

$176.75

$100.00

4. What is the fiance charge on a loan which had:

  • A previous balance = $325.75
  • APR = 18%

Group of answer choices

$9.89

$4.00

$8.99

$4.89

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Homework Answers

Answer #1

Here is my Answers for the All questions

1.Calculation of New balance on Loan

Previous Balance of Loan is $1028.61

APR 12%

Purchases and cash Advances is $322.2

Payments & credits is 300

Finance charge for the month is ($ 1028.61*12%)/12 =$10.2861

New Balance of Loan is $ 1028.61-$300+$322.2+$10.2861 =$1061.0961

2. Calculation of New Balance of the Loan

New balance is = previous balance- payments+purchases+finance charge for the period

New balance of Loan is $605.42-$200+$156.12+$4.540 =$566.08

3.Calculation of New balance of Loan

New balance of loan is $35-$75+$186.4+$0.35 = $146.75

4. What is the FInance charge on Loan

Loan balance = $325.75

APR = 18%

Finance charge is Loan Amount* APR* period of charge, $325.75*18% = $58.635 per yea

Finance Charge per Month is $4.89

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