Question

1) How many purchased a JetSki for 1381 using a 12 month deferment plan. The interest-rate is 19.57%. A down payment of $275 is required as well as a minimum monthly payment and $47. What is the balance at the beginning of the 13th month if only the minimum payment is made during the introductory period?
A. $1,295.95

B. $778.95

C $837.87

D. 1,342.95


2) Emily open a credit card at a department store with the APR of 12.36% compounded twice a year. What is the APY on this credit card?

A. 24.72%

B. 6.18%

C. 15.88%

D. 12.74%

Answer 1

Answer for number 1: B
Answer for number 2: D