Homework Answers
7. 31 months
Based on a total advance of $1535 ($1500+$35 transaction fee).
8. $1997.71
9. $462.70
10. 14 months
Based on a total advance of $1535 ($1500+$35 transaction fee).
11.$1734.50
12. $199.50
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Patty took a cash advance of $1,500. Her new credit card charges an Annual Percentage Rate...
Patti took a cash transaction of $1500 her new credit card charges an annual percentage rate...
Patti took a cash transaction of $1500 her new credit card
charges an annual percentage rate of 21% transaction fee for Cash
advance is 3% of the cash advance with a maximum fee of $35 this
fee is added to the total cash advance in accrues interest if Patty
makes monthly payments of $65 how long will it take Patty to pay
for the cash advance
how much does it really cost? (continu Marie just used her new credit card...
1-You took a $200 cash advance by using checks linked to your credit card account. The...
1-You took a $200 cash advance by using checks linked to your credit card account. The bank charges you a 2% cash advance fee on the amount borrowed with no grace period on cash advances. How much money is required to pay off the balance in full after one month at 20% APR? 2-How much do you have to repay of a $10,000 grant for paying college expenses?
Sydney took a cash advance of $150 by using checks linked to her credit card account....
Sydney took a cash advance of $150 by using checks linked to her credit card account. the bank charges a cash advance fee of 3 percent on the amount borrowed and offers no grace period on cash advances. Sydney paid the balance in full when the bill arrived. what was the interest for 1 month at an APR of 20%
Gary has just used his credit card to buy a new watch. He got the watch...
Gary has just used his credit card to buy a new watch. He got the watch on sale for $235. The regular price was $290. He used a credit card that has an Annual Percentage Rate of 20%. If Gary makes the minimum monthly payment each month of $10: 19. How much will Gary end up paying for his new watch? 20. How long will it take Gary to pay for his watch? 21. What is the total amount of...
Problem 5-8 (LO5.4) Sidney took a $450 cash advance by using checks linked to her credit...
Problem 5-8 (LO5.4) Sidney took a $450 cash advance by using checks linked to her credit card account. The bank charges a 3 percent cash advance fee on the amount borrowed and offers no grace period on casth advances. Sidney paid the balance in full when the bill arrived. a. What was the cash advance fee? (Round your answer to 2 decimal places.) Cash advance fee b. What was the interest for one month at an APR of 20 percent?...
Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual percentage...
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...
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?...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04658% per day. Travis repays the money plus the interest after 29 day a) Determine the interest charged for the cash advance bj When he repaid the loan, how much did he pay the credit card company? Interest charged (Round to the nearest cont.)
Credit Card Debt DUE MARCH 1ST MaX 4 peaple) Recently you got in the mail an...
Credit Card Debt DUE MARCH 1ST MaX 4 peaple) Recently you got in the mail an AMAZING! offer for a credit card, no credic check required! The card offered a low low interest rate of only 2% per month with a maximum of $2,000 with a low minimum payment of 1% the total amount owed. A month after filling out the form you recieved your shiney new credit card in the mail. You took your card out for a spin...
the credit car e annual interest rate on a credit card is 16.99%. If a pay-...
the credit car e annual interest rate on a credit card is 16.99%. If a pay- interest per qu Th ent of $100.00 is made each month, how long will it take to ch isio he pay off an unpaid balance of $2,487.56? A woman bon ments. For ua interest paid paid during t of the loan. and after 24 34. The annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month,...
Patti took a cash transaction of $1500 her new credit card
charges an annual percentage rate of 21% transaction fee for Cash
advance is 3% of the cash advance with a maximum fee of $35 this
fee is added to the total cash advance in accrues interest if Patty
makes monthly payments of $65 how long will it take Patty to pay
for the cash advance
how much does it really cost? (continu Marie just used her new credit card...
Gary has just used his credit card to buy a new watch. He got the watch on sale for $235. The regular price was $290. He used a credit card that has an Annual Percentage Rate of 20%. If Gary makes the minimum monthly payment each month of $10: 19. How much will Gary end up paying for his new watch? 20. How long will it take Gary to pay for his watch? 21. What is the total amount of...
Problem 5-8 (LO5.4) Sidney took a $450 cash advance by using checks linked to her credit card account. The bank charges a 3 percent cash advance fee on the amount borrowed and offers no grace period on casth advances. Sidney paid the balance in full when the bill arrived. a. What was the cash advance fee? (Round your answer to 2 decimal places.) Cash advance fee b. What was the interest for one month at an APR of 20 percent?...
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?...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04658% per day. Travis repays the money plus the interest after 29 day a) Determine the interest charged for the cash advance bj When he repaid the loan, how much did he pay the credit card company? Interest charged (Round to the nearest cont.)
Credit Card Debt DUE MARCH 1ST MaX 4 peaple) Recently you got in the mail an AMAZING! offer for a credit card, no credic check required! The card offered a low low interest rate of only 2% per month with a maximum of $2,000 with a low minimum payment of 1% the total amount owed. A month after filling out the form you recieved your shiney new credit card in the mail. You took your card out for a spin...
the credit car e annual interest rate on a credit card is 16.99%. If a pay- interest per qu Th ent of $100.00 is made each month, how long will it take to ch isio he pay off an unpaid balance of $2,487.56? A woman bon ments. For ua interest paid paid during t of the loan. and after 24 34. The annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month,...
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