Question: Please answer and show work .. 1. You buy a car for $18,450. You must also pay tax and license fees of $725. You have

Please answer and show work ..

1. You buy a car for $18,450. You must also pay tax and license fees of $725. You have $1,500 as a down payment. Your bank will make you a 4-year car loan for the remaining amount, at 7.2% interest, but will charge you a $75 processing fee (which will be added to your loan amount). a. What are your monthly payments? b. What is your finance charge? c. What is the total cost of the car, including finance charges? d. What is the APR? 2. Find the average daily balance for the following credit card account. Assume one month between billing dates. Find the finance charge if the annual interest rate is 22.32%. Find the new balance for the next month's statement. Comput Date Activity Balance July 11 Balance from previous statement $512.78 July 19 Returns $136.45 July 21 Boscov's $135.73 July 27 Car rental $174.19 August 4 Payment $115.00 August 6 Gasoline $ 42.65 Average daily balance Finance charge New balance for next billing period

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