Answer Happy

1. Lea wishes to avail of a car loan for a car worth P 850,000. She will loan from a bank that offers 12% annual interest, compounded monthly. Determine the downpayment and the monthly amortization under the following assumptions: 15) a. Lea pays 20% downpayment and pays the remainder in 5 years. b. Lea pays 30% downpayment and pays the remainder in 4 years. 2. The following table show's a credit cardholder's statement for the billing cycle May 1-31. The credit card imposes a 1.75% monthly interest for unpaid balances and current purchases, and requires a minimum amount due of 10% of the total amount due. Complete the table below. Transaction Date Amount May 25 Total Amount Due in Previous Statement Less: Payment Carry-Over Balance Late Payment Charge Interest/Finance Charge Gasoline Groceries Total Amount Due Minimum Amount Due 23.000.00 10.000.00 (a) 200.00 (b) 1.500.00 6,500.00 (c) (d) May 3 May 17