Homework Answers
The correct option is 4th (All of the above reasons are for keeping and managing wisely credit cards.)
Explanation
There are many benefits from keeping multiple cards some of which can be Longer interest free period. availing best deals(if given by a some particular company),improving credit card utilisation ratio, and improving credit score.
So this all must be kept in mind while choosing multiple card service.However cost of card must not exceed the benefits availed from it.
When there is any incorrect charges on VISA card, the first step would be to a send a letter/notice/email in writing to the issuer of the card.
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Assuming you have $1,500 in your budget this month with which to pay down your credit...
Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay on each card? (Note: The following data table is independent from the previous question.) If your answer is zero enter "0" Outstanding Required minimum Recommended debt repayment amount Card Interest rate 28% 12% 13% balance $600 2,000 3,000 payment (%) 10% 8% 10% payment (s) Department store card Discover Card VISA Card MasterCard 1 MasterCard 2 14% 4,000...
If the credit card has an annual interest rate of 13.6% and only the minimum monthly payment of $35 is made, how many months will it take to pay off the credit card?
Part 2: Credit Cards Another type of personal loan is a credit card. A financial institution allows you to charge a purchase to your account, and you are required to pay the financial institution at a later time. As with other loans, credit cards charge interest. Interest rates can range from 3% - 22%. When you are paying for debt on a credit card, the financial institution will require a minimum balance be paid each month. The higher the interest rate that is charged...
susan and Joe would like you to help them address some of their short term financial...
susan and Joe would like you to help them address some of their
short term financial goals. Currently they carry three credit cards
and would like you to help them prioritize their debt.
1. They would would like to pay off all their credit card debt
within the 18 months.
A. how much do they have to pay monthly to fulfill their goal
(for each card)?
Mastercard
Visa
Discover
b. which credit card should they start paying off first?
Why?...
You have credit card debt of $37,500 that has an APR (monthly compounding) of 16%. Each month you pay the minimum month...
You have credit card debt of $37,500 that has an APR (monthly compounding) of 16%. Each month you pay the minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 11%. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card, and borrow additional money as...
You have credit card debt of $ 30 comma 000 that has an APR (monthly compounding)...
You have credit card debt of $ 30 comma 000 that has an APR (monthly compounding) of 17 %. Each month you pay the minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 11 %. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card,...
Accounting Spreadsheet Assignment Credit Card You went on a binge. You've heard the old saying, "If...
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The following question will test your skills of time value of money techniques applied to credit...
The following question will test your skills of time value of
money techniques applied to credit cards. Suppose you owe $10,000
on a credit card. The credit card has an APR1 of 18%. In the
following questions we will assume you make NO additional charges
on your credit card.
a. If you wish to pay of the balance in 5 years, how much
should you pay monthly?
b. If you make the required payments calculated in a., at the
end...
10)You have a few credit cards that you are currently paying the minimum payment on, which...
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Debt Interest Rate Current Balance Minimum Payment MasterCard 19.9% $600 $22 Visa 23.95% $2,545 $60 Car...
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3. You have a credit card on which you currenty owe $10,000 The card has a...
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Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay on each card? (Note: The following data table is independent from the previous question.) If your answer is zero enter "0" Outstanding Required minimum Recommended debt repayment amount Card Interest rate 28% 12% 13% balance $600 2,000 3,000 payment (%) 10% 8% 10% payment (s) Department store card Discover Card VISA Card MasterCard 1 MasterCard 2 14% 4,000...
susan and Joe would like you to help them address some of their
short term financial goals. Currently they carry three credit cards
and would like you to help them prioritize their debt.
1. They would would like to pay off all their credit card debt
within the 18 months.
A. how much do they have to pay monthly to fulfill their goal
(for each card)?
Mastercard
Visa
Discover
b. which credit card should they start paying off first?
Why?...
You have credit card debt of $37,500 that has an APR (monthly compounding) of 16%. Each month you pay the minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 11%. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card, and borrow additional money as...
Accounting Spreadsheet Assignment Credit Card You went on a binge. You've heard the old saying, "If you play, you're going to have to pay." The day of reckoning has arrived. Your current credit card balance is $10,000 с D E A 1 Your Name 2 Credit Card Payment Schedule 3 Date 4 5 Interest Rate XX% 6 7 Monthly Pymt SXXX.XX 8 9 Monthly 10 Month Payment 11 0 12 1 SXXX.XX Interest Principal Card Balance 10,000.00 XXX.XX $ $XXX...
The following question will test your skills of time value of
money techniques applied to credit cards. Suppose you owe $10,000
on a credit card. The credit card has an APR1 of 18%. In the
following questions we will assume you make NO additional charges
on your credit card.
a. If you wish to pay of the balance in 5 years, how much
should you pay monthly?
b. If you make the required payments calculated in a., at the
end...
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