<p>Name:______Block:______Date:______</p><p>Contemporary Mathematics 11.4 Classwork</p><p>1. Joe Marino purchased a new boat for $43,000. He paid 15% as a down payment and financed the balance of the purchase with a 60-month fixed installment loan with an APR of 5.5%.</p><p> a. Determine Joe’s total finance charge. b. Determine Joe’s monthly payments.</p><p>2. Victoria Jones has a total of $4000 in student loans that will be paid off with a 60-month installment loan with an APR of 7.5%.</p><p> a. Determine Victoria’s total finance charge. b. Determine Victoria’s monthly payments.</p><p>3. Jake Morris purchased a new laptop computer on a monthly purchase plan. The computer sold for $1495. Jake paid 5% down and $64 a month for 24 months.</p><p> a. What finance charge did Jake pay? b. What is the APR to the nearest half percent? 4. Mr. and Mrs. Chan want to buy furniture that has a cash price of $3450. On the installment plan they must pay 25% of the cash price as a down payment and make six monthly payments of $437. </p><p> a. What finance charge did the Chans pay? b. What is the APR to the nearest half percent?</p><p>5. Rick Grimes took out a 60-month fixed installment loan of $12,000 to open a new pet store. He paid no money down and began making monthly payments of $232. Rick’s business does better than expected and instead of making his 24th payment, Rick wishes to repay his loan in full.</p><p> a. Determine the APR of the installment loan.</p><p> b. How much interest will Rick save (use the actuarial method)?</p><p> c. What is the total amount due to pay off the loan? 6. Sansa Stark uses her credit card in August to purchase the following college supplies: books ($425), yearlong bus pass ($175), food service meal ticket ($450), and season tickets to the basketball games ($125). On September 1, she used $650 of her financial aid check to reduce the balance. The issuing bank charges 1.2%interest per month and requires full payment within 36 months. Sansa had a previous balance of zero and she makes no other purchases with her card. </p><p> a. What is the minimum payment due September 1?</p><p> b. What is the balance due on October 1?</p>