Finance Charge Application: Using the previous examples, apply your knowledge to the following problems. Make sure to round monetary values appropriately. 1. Find the installment price and finance charge for each item. Item Cash Price Installment Terms Installment Price Digital Camera $1,500 $100 down $70.57 a month for 24 months Couch $950 $50 down, $51.99 a month for 20 months Computer $2,150 $225 down, $228.40 a month for 9 months 2. Find the monthly interest payment, amount applied to principal, and new balance for the first month for each simple interest installment loan. Amount Number of Monthly Annual Monthly Amount New Financed Payments Payment Interest Rate Interest Applied to Balance Payment Principal $500 6 $87.02 15% $1,200 6 $207.06 12% $800 $73.34 18% 12 3. A member of a credit union borrows $920 on a simple interest installment loan at 12% agreeing to repay it in 12 equal monthly payments of $81.74. a. What was the total finance charge on the loan? b. What was the interest paid for the first month? c. What was the amount applied to principal at the end of the first month? d. What was the new balance at the end of the first month