I need help with some questions.
Zelma purchased an entertainment center for $4,174 using a 12-month deferred payment plan with an interest rate of 25.35%. She did not make any payments during the deferment period. What will the total cost of the entertainment center be if she must pay it off within five years after the deferment period?
$7,610.40
$4,174.00
$5,364.13
$9,513.00
31. Marcus is graduating from college in 18 months, but he will need a loan in the amount of $14,087 for his last three semesters. He may either receive an unsubsidized Stafford Loan with an interest rate of 6.8%, compounded monthly, or his parents may obtain a PLUS Loan with an interest rate of 7.8%, compounded monthly. The Stafford Loan has a grace period of six months from the time of graduation. Which loan will have a higher balance at the time of repayment and by how much?
The Stafford Loan has a higher balance by $537.81.
The Stafford Loan has a higher balance by $303.55.
The PLUS Loan has a higher balance by $754.13.
The PLUS Loan has a higher balance by $323.92.
32. Haley purchased a jet ski for $2,485 using a 12-month deferment plan. The interest rate is 21.47%. A down payment of $475 is required as well as a minimum monthly payment of $78. What is the balance at the beginning of the 13th month if only the minimum payment is made during the introductory period?
$2,408.65
$1,663.29
$2,486.65
$1,550.65
33. Elbert purchased a boat for $13,125. He made a down payment of $4,500. He applied for a four-year installment loan with an interest rate of 9.3%. What is the total cost of the boat after four years?
$15,767.47
$10,361.48
$14,345.63
$14,861.48
34. Sarah bought a television from a rental center. She makes 18 monthly payments of $93.27 with her credit card. The rental center charges $3.85 for every purchase made with a credit card. She also had to pay late fees in the amount of $41.50 nine different times. What is the total cost of the television? $2,121.66
$1,678.86
$2,052.36
$1,748.16
35. Wayne opens a credit card with an APR of 21.37% compounded monthly. How much is charged in interest this month if his balance is $715?
$21.37
$33.46
$12.73
$59.58
36. Emily opened a credit card at a department store with an APR of 12.36% compounded twice a year. What is the APY on this credit card?
24.72%
6.18%
15.88%
12.74%
37. Andy has a previous balance of $1,283 on a credit card with a 21.3% APR compounded monthly. If he made a payment of $62 this month, what is the new balance on his credit card?
$1,494.28
$1,221.00
$1,556.28
$1,243.77
38. Ashley uses her credit card to buy some clothes for $531.29. She can pay off up to $185 per month. The card has an annual rate of 14.8% compounded monthly. How much total interest will she pay?
$6.31
$15.68
$6.55
$13.02
39. Nadia uses a credit card with a 17.8% APR, compounded monthly, to pay for a hotel stay totaling $613.47. She can pay $250 per month on the card. What will the total cost of this purchase be?
$722.67
$613.47
$743.47
$630.00
44. Roberta owes $7,312 on a credit card with a 26.2% interest rate compounded monthly. What monthly payment should she make to pay off this debt in five years, assuming she does not charge any more purchases with the card?
$219.79
$121.87
$1,923.06
$699.58
