Question

Problem 9:

A credit card charges 20% annual interest and Isabella Smith has $750 due on the statement date. She is only able to make the minimum payment of $50. If the billing cycle is 30 days and the grace period is 20 days and she pays the full balance at the next due date, how much interest would she owe?

Problem 10:

Nasila Howard purchased her condo for $550000 and now the appraised value is $460000. Her outstanding mortgage is $284000. What is the maximum home equity line of credit Nasila would qualify for?

Problem 11:

Jack purchased a house for $650000 in Ajax 2 years ago and today it has a market value of $700000 and a mortgage of $530000. What is the equity in the house?

Answer 1

Answers Garen data from the problem A Credar card charges 20% annual interest Isabella saman has $750 due She only pay menimum amount of $50 ef Billing cycle es 30 days and Grace perrod as 20 days. To Catculata bow att how much anerest toould the owe As we have Balance current date to oue date = ($750-$50) => $ 400. Pemaining an next due date = 30 +20 = 50 days - Inkret would she owe → 400 X 20.1 X 30 365 + 700X 20 X 70 365 100 700x 0-2 x 500/365 → 8 19.048 =*2.