Suppose your AMEX card calculates finance charges using an APR of 16.5%. Your statement sows a...
11. Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $800. You decide to stop charging and make only the minimum payment. The initial payment will be 10% of $800, or $80. Calculate the minimum payment for the next two months. (Be sure to take into account the finance charges.)
Suppose you have a credit card with a balance of $14,340.87 that charges 10.13% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
Suppose you have a credit card with a balance of $10,457.03 that charges 12.65% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual percentage rate is 19.1%. a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance?...
Suppose your credit card balance is $15,000 The minimum payment is $313 and the annual percentage rate is 19.5%. a. If you make a constant monthly payment of $313 how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $313 how long will it take you to pay off the credit card balance?...
Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $750. You decide to stop charging and make only the minimum payment. Calculate the minimum payment for the first and second payments. (Be sure to take into account the finance charges. Round your answers to the nearest cent.) first payment $ 75 second payment $ 67.5 eBook
#1.) Here is a sample credit card statemet. Use the CARD Statement to answer problems a- d. CARD Statement Account Number 1234 1234 1234 1234 O Statement Closing Date 11/06/08 Credit Line $2,100.00 Available Credit $1,576.80 TERESA TORRES 123 ANY STREET CITY CA 12345 o Account Summary Previous Balance - Credits - Payments + Purchases & Other Chgs - Cash Advances • FINANCE CHARGE - New Balance Payment Information O New Balance O Scheduled Minimum Payment O Scheduled Payment Due...
3.2 If your credit card calculates interest based on 19.25% APR, compounded monthly: (a) What are your monthly interest rate and annual effective interest rate? (b) If your current outstanding balance is $3,400 and you skip payments for four months, what would be the total balance four months from now?
FIUVIJls 9. Amount subject to finance charge. The previous statement for your credit card had a balance of $540. You make purchases of $150 and make a payment of $60. The credit card has an APR of 22%. What is the finance charge for this month?
Suppose your credit card balance is $17000 . The minimum payment is $347, and the annual percentage rate is 20.1%. a. If you make a constant monthly payment of $347, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Please complete using Excel and show all formulas used.