CALCULATING THE COST OF TOTAL CREDIT Personal Finance.

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CALCULATING THE COST OF TOTAL CREDIT Personal Finance

1. Sam purchases a car with a selling price of $16, He puts down $4000 and pays the $ each month for 36 months. What is the total cost of the car? *36 = (cost of credit)

Jackie decides to lease a car for two years. She puts 0 money down and pays $ per month for 24 months. At the end of the lease, Jackie can buy the car for $11, The selling price for the car today is $13, What is the total cost of the car if Jackie buys it at the end of the lease? * 24 =

A living room suit is advertised for $ No payments are required for 12 months. At the end of twelve months, Jessica finds she has to pay $ What is the total cost of credit? (Interest or Cost of Credit)

4. a) The bank offers Bill a car loan for 48 months at a rate of 13%. Bill buys a car for $23, He puts $ down and takes a bank loan for the balance. What is the total cost of the car? * * cost of credit

B) If Bill puts down $7,500 how does that affect the total cost of the car? * * cost of credit

5. Katie buys a snowmobile for $2, She pays with her credit card. When she gets the bill, she pays in full before the due date. What is the total cost of the snowmobile? $2200 – Interest is charged on the balance carried forward