Finance Week 6 Individual

In: Business and Management

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Student Name | Cortne Chartier | Course and Section Number | Program of Study | FIN 1103 | Business |

Finance
FIN 1103
Week 6 Individual Work

Monthly Payments and Finance Charges, and the Rule of 78

Assignment Instructions | To complete this assignment: 1. Answer all of the questions below in the space provided. 2. Reflect on the information presented in this week’s lesson and provide an insightful response to each question writing no more than two paragraphs. | Save and Submit to Dropbox | 1. Save your work as a Microsoft Word 2010 (.docx) file that includes your name, course code, and title in the file name. For example: JaneSmith_FIN1103_Week6.docx. 2. To submit your assignment, go to the Dropbox and click "Submit Assignment." 3. Click on the drop-down menu to select the Week 6: Individual Work basket in the Dropbox. |

Objective: Calculating the Cost of Credit
Locate the Do the Math on page 218-219 of your textbook and complete number 1 and 5.

Do the Math: Problem 1 Monthly Payments and Finance Charges | Kimberly Jensen and Rebecca Parker of Mankato, Minnesota, are both single. The pair share an apartment on the limited resources provided through Kimberly’s disability check from Social Security and Rebecca’s part-time job at a grocery store. The two grew tired of their old furniture and went shopping. A local store offered credit at an APR of 16 percent, with a maximum term of four years. The furniture they wish to purchase costs $2,800, with no down payment required. Using Table 7-1 or the Garman/Forgue companion website, make the following calculations: | a. What is the amount of their monthly payment if they borrow for four years? | $79.35 | b. What are the total finance charges over that four year period? | $1,008.90 | c. How would the payment change if Kimberly and Rebecca reduced the loan term to…...

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