Page 3 - Exam 2 PDF v3 for students_Neat

 14. A credit card statement showed these transactions during June.
June 1 Previous balance $282.56
June 6 Purchases $99.16
June 20 Payment $115.00
June 27 Purchases $165.85
The credit card has a monthly interest rate of 15.5% on the average daily balance. Find the average daily
balance, the finance charge for the month, and the new balance on July 1. [Recall: June has 30 days.]

 15. A house sells for $229,000 and a 5% down payment is made. A 30-year mortgage at 7% was obtained.
Find the monthly payment and the total interest paid.

Monthly Payment per $1000 of Mortgage
A) Monthly payment = $1,546.70; total interest paid = $339,262.00 (Includes Principal and Interest)
B) Monthly payment = $1,446.71; total interest paid = $303,265.60
C) Monthly payment = $1,455.82; total interest paid = $306,545.20 Number of years
D) Monthly payment = $1,438.56; total interest paid = $300,331.60 Rate (%) 15 30
6.5 $8.71 $6.32
7 $8.99 $6.65

7.5 $9.28 $6.99
8 $9.56 $7.34

Page 3