Instructions: Complete each of the problems provided below. Once the worksheet has been completed, please save

and upload this worksheet for the Week 1 Assignment. Upload the assignment as a Word doc or .pdf only.

Important Note: Show all math work used to arrive at your answers. This will help improve the quality of the feedback

provided to you.

1. A business owner purchased a new computer terminal with the following terms: $750 down payment, 18 payments

of $223.85.

a.) Find the installment price of the computer terminal.

b.) If the cash price of the new computer terminal was $3,975, find the finance charge and

c.) the amount financed.

2. A piece of business equipment was purchased at an installment price of $3,550 for an 18-month loan. If a $220

down payment had been made, find the installment payment.

3. If a closed-end installment loan is paid entirely before the last payment is actually due, is part of the interest

refundable? Explain.

4. Explain the following:

HOW TO Find the finance charge using the average daily balance.

5. Explain the following:

HOW TO Find the finance charge of an installment loan.

6. Explain the following:

HOW TO Find the refund fraction for the interest refund.