4. Your friend has a $475 carryover balance on his credit card, which has an APR of 24.99%. Which of the following best

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4 Your Friend Has A 475 Carryover Balance On His Credit Card Which Has An Apr Of 24 99 Which Of The Following Best 1 (143.29 KiB) Viewed 66 times

4. Your friend has a $475 carryover balance on his credit card, which has an APR of 24.99%. Which of the following best represents the finance charge for this balance? a) $9.89 b) $19.01 c) $24.99 d) $118.70 5. A single $1,950 deposit is made into an account with an APR of 1.4% that compounds interest weekly. What is the balance after 8 years? a) $2,179.41 b) $4,035.75 c) $1,954.20 d) $2,181.07 6. Wanda has decided to purchase a used car that costs $6700. She knows that she can afford to spend a maximum of $200 on a car payment each month, and the dealership has offered her a 6-year, 7.5% APR interest loan. Which Excel function can she use to determine the maximum amount she could borrow? a) =PV(0.075/12,12*6,-6700) b) =PV(0.075/12, 12*6,-200) c) =PMT(0.075/12,12*6,-6700) d) =PMT(0.075/12,12*6,-200)