Answer for (a)....
Answer for (b)........
(b) As you can see in the above table, the remaining balance transfered from may 1 to june 1 is $659 and the amount charged on may will to transfered to june that is $260 with 1% interest that is $3. So, the final amount owned to the credit card company on june 1 is $ 922.00 . (Refer above table)
It is for Mechanical engineering. Not Accounting 3. Assume that you have a credit card whose...
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 card which...
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...
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...
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
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.
Assume that you have a balance of $3200 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2% of the balance.
if you are trying to build credit by using a credit
card eah time you make a purchase with the credit card deduct that
amount from your checking account that way when your credit card is
due you will have enough to pay the credit card off in full Kathy
lehner is going to start doing this.she plans on paying her credit
card bill in full this month.Hpw much does she owe with a 12% APR
and the following transactions...
Hamed only made the minimum required payment on his credit card in May. Thus he started the next 30-day billing period (June 1) with a balance of $587. Hamed used his credit card to book a holiday on June 10 for $2,500, and sent in another payment of $800 on June 25. His annual interest rate is 23%, compounded daily. How much interest will he be charged for the month of June? Using average daily balance method. a) $40.54 b)...