Test: Banking and Credit Costs review A series is: a summation of quantities whose positions are based upon the natural numbers any list of numbers an arrangement of quantities whose positions are based upon the natural numbers - ANSW..a summation of quan

Test: Banking and Credit Costs review




A series is:
a summation of quantities whose positions are based upon the natural numbers
any list of numbers
an arrangement of quantities whose positions are based upon the natural numbers -
✔✔ANSW✔✔..a summation of quantities whose positions are based upon the natural
numbers

Amount Financed (m) = $1,750Number of Payments per year (y) = 12Number of
Payments (n) = 36Total Interest (c) = $300.00 - ✔✔ANSW✔✔..11.1

Amount: $100,000Rate: 7%Payments: 360 @ $665.31Total Interest: $139,511.60 -
✔✔ANSW✔✔..239,511.60
58.2
387.53

Ben Spender writes a $50 check which is returned by his bank with additional charges.
The company he wrote the check to, Art Supply Inc., also charges $20 for returned
checks, which of the following represents the amount Ben must have to balance his
debts. - ✔✔ANSW✔✔..more than $70

Calculate the average daily balance, finance charge, and new balance using the
average daily balance method. Round all dollar amounts to the nearest cent. If
applicable, include a thousands comma.
Monthly rate: 1.25% - ✔✔ANSW✔✔..94.32
12
1,131.84
211.74
11
2,329.14
4,663.64
4,663.64
155.45
1.94
213.68

Calculate the total installment price, carrying charges, and number of months needed to
save the money at the monthly rate to buy a bicycle with a cash price of $500, offered
on the installment plan for $28 per month for 24 months below for its cash price
(remember to round up).