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Data Analysis A Project Chapter 11

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

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Data Analysis A Project Chapter 11

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

  2. 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.

  3. Credit Limit: $12,000 • Previous 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 = $57.24 Returned Item

  4. Credit Limit: $12,000Previous Months Balance: $4,208 Find P 4208 -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=Prt I=4208*.22*1/12 I=$77.15 I=Prt I=4696.86 * .22 *1/12 I= $86.11 New Finance Charge

  5. Conclusion of Part 1 • We 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.

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

  7. Finding the monthly payment for 4 years at Wayne State Universityusing the future value of an annuity A= 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

  8. Finding Monthly Payment at Wayne State: Conclusion • We used the Future Value of an Annuity to solve for R • We 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 $588.95 • These findings are extremely high but compared to other schools it’s not as much, especially since it’s including room and board.

  9. Chrysler 200 $17,988.20

  10. Price with tax: $16,970 * 1.06 = $17,988.20 Interest Charged on Car: I=Prt I= 17988.20 * .09 * 5 I= $8,094.69 Monthly Payments: MP=(P + I)/n MP=(17988.20 + 8094.69) / 5*12 MP=$434.71

  11. 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.

  12. THE END

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