1. The Morrison family bought a car for $24,000 which was financed at $600 per month for 40 months. The down payment was $5000.
a. What is the Installment Price? (5 Points)
b. What is the financial charge and amount financed? (5 Points)
2. Jason’s credit card’s beginning unpaid balance for August is $3,000. During the August billing cycle he made a payment of $250 and used card to purchase $75 worth of groceries. Credit card charges 23% annual percentage rate and uses the unpaid balance method.
a. What is the finance charge at the end of August? (5 Points)
b. What is the new balance at the end of August? (5 Points)
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