Homework Answers
| 01 April | Opening Balance | 1890 |
| 01 April | Less : Online payment | -800 |
| 01 April to 30 April | Add : Charges | 485 |
| 30 April | Closing Balance | 1575 |
| 01 May | Opening Balance | 1575 |
| 01 May | Less :Online payment | -940 |
| 01 May to 31 May | Add :Charges | 260 |
| 31 May | Closing Balance | 895 |
| 01 June | Opening Balance | 895 |
| You owe to the credit card company on June 1 =895*(1+1%) = 903.95 |
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3. Assume that you have a credit card whose statement on April 1 showed that you...
It is for Mechanical engineering. Not Accounting 3. Assume that you have a credit card whose...
It
is for Mechanical engineering. Not Accounting
3. Assume that you have a credit card whose statement on April 1 showed that owe $1,890.00. You made a payment to the credit card company of $800.00 the same day using on-line payment. Throughout the month of April you cha $485.00 on this card which is posted on the May 1 statement. On May 1 you an on-line payment of $940.00 to the company. Throughout the month of M you charged $260.00...
Bw . 3. Assume that you have a credit card whose statement on April 1 showed...
Bw . 3. Assume that you have a credit card whose statement on April 1 showed that you owe $1.890.00. You made a payment to the credit card company of $800.00 on the same day using on-line payment. Throughout the month of April you charged $485.00 on this card which is posted on the May 1 statement. On May 1 you made an on-line payment of $940.00 to the company. Throughout the month of May you charged $260.00 on this...
1. Find the value of Y that is equivalent to the cash flow on left at...
1. Find the value of Y that is equivalent to the cash flow on left at an annual interest rate of 4%. 3Y 1800 300 o 1 2 3 4 5 6 = yrol 2 3 4 5 6 2. You bought a used car with no down payment and agreed to pay for it with a single payment of $6,250.00 after 5 years. Assuming compounding every 4 months and interest rate per interest period at 1.5%: a) What was...
1. Assume you owe $5,000 on a credit card on June 1st. Assume the company uses the average daily balance to compute...
1. Assume you owe $5,000 on a credit card on June 1st. Assume the company uses the average daily balance to compute interest, at the rate of 20 %. Assume that these transactions occur during the month of June: On June 5th, you charge another $200 on the card. On June 13, you pay $500. On June 17th, you charge another $300. On June 25th, you charge another $500. At the end of the month, how much money do you...
Question 3 (1 point) You owe $11,000 on your credit card. Horrified, you decide to make...
Question 3 (1 point) You owe $11,000 on your credit card. Horrified, you decide to make no more purchases and make payments of $400 per month. How long will it take you to pay off your credit card if it charges interest at J12-18% and your first payment is in one month. You may give your answer in months
Here is Lashonda's credit card statement for the month of December. Date Transaction December 1 Beginning...
Here is Lashonda's credit card statement for the month of December. Date Transaction December 1 Beginning balance December 4 Payment December 13 Purchase December 24 Payment Transaction amount $1700.09 $340.00 $61.95 $800.00 (a) Use the credit card statement to help fill in the table below. Note that there are 31 days in December. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction Unpaid balance Number of days December 1 $5100.27 Beginning balance Payment...
3. You have a credit card on which you currenty owe $10,000 The card has a...
3. You have a credit card on which you currenty owe $10,000 The card has a 19 99% annual interest rate and requires a minimum monthly payment of $50 Assume that you do not incur any other purchases on the card. (12 points) a) If you only make the minimum payment, how long will it take you to pay off the card? b) If you only make the minimum payment, how much total interest will you pay? c) If you...
#1.) Here is a sample credit card statemet. Use the CARD Statement to answer problems a-...
#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...
You owe $19,500 on your credit card. Horrified, you decide to make no more purchases and...
You owe $19,500 on your credit card. Horrified, you decide to make no more purchases and make payment of $600 per month. How long will it take you to pay off your credit card if it charges interest at J12=18% and your first payment is today. You may give your answer in months.
Here is Mary's credit card statement for the month of June. Date Transaction June 1 Beginning...
Here is Mary's credit card statement for the month of June. Date Transaction June 1 Beginning balance June Purchase June 23 Payment June 26 Purchase Transaction amount $2150.30 $600.50 $984.00 $450.52 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in June. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction Unpad Date Transaction Number of days at that balance Unpaid Number amount balance...
It
is for Mechanical engineering. Not Accounting
3. Assume that you have a credit card whose statement on April 1 showed that owe $1,890.00. You made a payment to the credit card company of $800.00 the same day using on-line payment. Throughout the month of April you cha $485.00 on this card which is posted on the May 1 statement. On May 1 you an on-line payment of $940.00 to the company. Throughout the month of M you charged $260.00...
Bw . 3. Assume that you have a credit card whose statement on April 1 showed that you owe $1.890.00. You made a payment to the credit card company of $800.00 on the same day using on-line payment. Throughout the month of April you charged $485.00 on this card which is posted on the May 1 statement. On May 1 you made an on-line payment of $940.00 to the company. Throughout the month of May you charged $260.00 on this...
1. Find the value of Y that is equivalent to the cash flow on left at an annual interest rate of 4%. 3Y 1800 300 o 1 2 3 4 5 6 = yrol 2 3 4 5 6 2. You bought a used car with no down payment and agreed to pay for it with a single payment of $6,250.00 after 5 years. Assuming compounding every 4 months and interest rate per interest period at 1.5%: a) What was...
1. Assume you owe $5,000 on a credit card on June 1st. Assume the company uses the average daily balance to compute interest, at the rate of 20 %. Assume that these transactions occur during the month of June: On June 5th, you charge another $200 on the card. On June 13, you pay $500. On June 17th, you charge another $300. On June 25th, you charge another $500. At the end of the month, how much money do you...
Question 3 (1 point) You owe $11,000 on your credit card. Horrified, you decide to make no more purchases and make payments of $400 per month. How long will it take you to pay off your credit card if it charges interest at J12-18% and your first payment is in one month. You may give your answer in months
Here is Lashonda's credit card statement for the month of December. Date Transaction December 1 Beginning balance December 4 Payment December 13 Purchase December 24 Payment Transaction amount $1700.09 $340.00 $61.95 $800.00 (a) Use the credit card statement to help fill in the table below. Note that there are 31 days in December. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction Unpaid balance Number of days December 1 $5100.27 Beginning balance Payment...
#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...
You owe $19,500 on your credit card. Horrified, you decide to make no more purchases and make payment of $600 per month. How long will it take you to pay off your credit card if it charges interest at J12=18% and your first payment is today. You may give your answer in months.
Here is Mary's credit card statement for the month of June. Date Transaction June 1 Beginning balance June Purchase June 23 Payment June 26 Purchase Transaction amount $2150.30 $600.50 $984.00 $450.52 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in June. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction Unpad Date Transaction Number of days at that balance Unpaid Number amount balance...
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