You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.

June 1	Previous month's balance	$244.74
June 6	Kim's Paints	54.95
June 12	Payment	112.00
June 15	Biggie Supermarket (credit)	45.47
June 28	Lamont's Bikes	130.98

6. Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.)

Purchase (Cash) Price	Down Payment	Amount Financed	Add-on Interest	Number of Payments	Finance Charge	Monthly Payment
$733	10%	$	6%	12	$	$

7. Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 8% for the 15-year mortgage and 8.5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.)

(a)What are the monthly principal and interest payments (in $) for each loan?

15-year mortgage--$

$ 30-year mortgage--$

(b)What is the total amount of interest (in $) paid on each loan?

15-year mortgage--$

30-year mortgage--$

(c)Overall, how much more interest (in $) is paid by choosing the 30-year mortgage?

--$

8. As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), usingthis tableand the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)

Amount Financed	Interest Rate	Term of Loan (years)	Monthly PI	Annual Property Tax	Annual Insurance	Monthly PITI
$124,700	6.75%	15	$	$2,310	$1,355	$

9. What would be the total fire insurance premium for Best Seconds if their $887,500 building belongs in structural classification D? The contents are worth $481,300 and they received an area rating of 2. Use Table 19-4 to calculate the total premium.

10. Alana wishes to obtain auto insurance. She wants 100/300/100 liability coverage, $250 deductible collision and full coverage comprehensive. She lives in territory 2 and has been assigned to driver class 2 with a rating factor of 1.35. Based on Table 19-6 and Table 19-7, what would be her total premium, if her three-year-old car were in model class L? (Round your answer to the nearest cent.)