Dr. Dennis Natali plans to take advantage of a 0% interest balance transfer credit card offer to pay off a $7,250
loan he has. If his loan is at 7.5% interest for 12 months, what is his payment? How much will he save in interest?

 

7. Sonja Upon considered closing her travel agency, Opos Tours, during the pandemic, since travel had almost ceased. But she would prefer to keep her business open. If she didn't close the agency, she would need to take out a $20,000 loan to cover operating expenses. She found a business loan at 9% for 60 months. What would her monthly payment by table be if she decided to take out the loan?

 

8. Teri Silva's Whisker Watcher pet watching business shut down during the pandemic since people were no longer traveling and therefore didn't need her pet watching service. To help her until she found a new job, Teri's credit union offered her a $9,500 personal loan requiring no collateral with payments of $218.78 monthly for 4 years. Calculate her APR by table.

 

9. Cindi Cavalier was furloughed from her job at Red Robin Garden Store for six months at the start of the pan-demic. She normally has paid her credit card off each month. Because of being furloughed, however, she has been unable to. Calculate Cindi's average daily balance, finance charge, and new balance. Her finance charge is 17% APR. (Round final answers to the nearest cent.)

Answer rating: 100% (QA)

To calculate the payment and interest savings we need to compare the interest charges on the loan with the potential savings from the balance transfer credit card offer First lets calculate the intere... View the full answer