Data Analysis A Project Chapter 11

Data Analysis A Project Chapter 11Olivia Little & Elaine Little 4th Hour

Part 1 Introduction Our credit limit is $12,000.Our previous months balance is $4,208.We have to calculate the finance charge for last months balance using unpaid balance method.We also have to buy and return 5 different items and calculate the finance charge.

Credit Limit: $12,000Previous Months Balance: $4,208

Scottish Fold Kitten (with sales tax): $250 * 1.06 = $265

Wii (with sales tax):$129 * 1.06 = $136.74

Couch (with sales tax):$142 * 1.06= $150.52

Purse (with sales tax):$39.99 * 1.06= $42.39

Potted Plant (with sales tax):$54 * 1.06 = $57.24Returned ItemCredit Limit: $12,000Previous Months Balance: $4,208

I=PrtI=4208*.22*1/12I=$77.15

Find P4208-126.24 (1 Payment)+77.15 (Interest)+265 (Kitten)+136.74 (Wii)+150.52 (Couch)+42.39 (Purse)-57.24 (Plant)=$4,696.86

I=PrtI=4696.86 * .22 *1/12I= $86.11New Finance Charge

Conclusion of Part 1We first multiplied our previous months balance by 22% and 1/12 to get the interest.We then found the new P by adding interest, purchases and subtracting returns and a payment from the previous months balance.Lastly we found the new I using the new P.

Wayne State University Tuition is $10,876.35Room and Board is $9,269The total over all Tuition is (10,876.35 * 4) = $43,505.40The total over all Room and Board is (9,269 * 4) = $37,076The total over all is (43,505.40 + 37,076) = $80,581.40

Finding the monthly payment for 4 years at Wayne State Universityusing the future value of an annuityA= R (1 + r/n) ^ nt 1 / (r/n)

80581.40= R (1+.085/12) ^ 12* 18 -1 / (.085/12)

80581.40= R (136.8214549)

R= 588.9529538

Finding Monthly Payment at Wayne State: ConclusionWe used the Future Value of an Annuity to solve for RWe plugged in all the information and then calculated the information and divided both sides by the calculation. The monthly payments for 18 years would come out to be about $588.95These findings are extremely high but compared to other schools its not as much, especially since its including room and board. Chrysler 200

$17,988.20Price with tax: $16,970 * 1.06 = $17,988.20

Interest Charged on Car: I=Prt I= 17988.20 * .09 * 5I= $8,094.69

Monthly Payments:MP=(P + I)/nMP=(17988.20 + 8094.69) / 5*12MP=$434.71

Car Conclusion First we used the price of the car and multiplied it by 1.06 to add tax. Then we found the interest charged on the car by using add on interest method.After finding interest, we found the monthly payments.

THE END