Homework Answers
| Yes, we are using a Credit Card: |
| 1) It is a bank credit card. |
| 2) The finance charges are charged @ $17 annual charges |
| plus interest charges over 53 days @ 3% per month. |
| 3) The APR for the said Bank credit card is around 38.7% per annum. |
| 4) Benefits of the Bank Credit Card: |
| a: 5% discount on groceries purchased on the credit card. |
| b: 30% discount on Holidays resorts bills. |
| c: Monthly rewards vouchers with every purchases. |
| d: Points on every purchases, which can be encashed at any time. |
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CREDIT CARDS: If you have a credit card, you may use it to answer these questions....
9. Credit Cards: a. If you have a balance of $1,245.00 on your credit card, how...
9. Credit Cards: a. If you have a balance of $1,245.00 on your credit card, how long will it take you to pay off the balance if you make $50.00/month payments until it is paid off? The APR is 19%. b. What will be your monthly payment on a credit card with a balance of $2,456.80, if you desire to pay it off in 2 years, at an APR of 23.99%? 10. A furniture company allows customers to purchase household...
Credit Cards Worksheet redit cards are plastic cards that allow users to make purchases using borrowed money. There...
Credit Cards Worksheet redit cards are plastic cards that allow users to make purchases using borrowed money. There can also be fees and interest payments that you need to be aware of 1. Look at the credit card offers below, and pick the one that you believe is best. Explain your answer. Card #1-Has a $500 limit. There is a $20 annual fee. The interest rate is 12%. There is a late fee of SS if your payment is late....
achel's Beach Shoppe charges tourists to use their credit cards to purchase merchandise at the vacation...
achel's Beach Shoppe charges tourists to use their credit cards to purchase merchandise at the vacation store. On Monday, Rachel sold $4500 in merchandise to tourists that used their credit cards to purchase beachwear at the store. The bank charges Rachel's store 1.30% of the total credit card purchases per day to settle the credit transactions. What is the total deposit Rachel expects the bank to deposit into her account after the total bank fees and charges are taken out...
26. J&G Bank receives an average of 30,000 credit card applications each month. Approximately 60% of...
26. J&G Bank receives an average of 30,000 credit card applications each month. Approximately 60% of them are approved. Each customer charges an aver- age of $2,000 to his or her credit card each month. Approximately 85% pay off their balances in full, and the remaining incur finance charges. The aver- age finance charge is 3.5% per month. The bank also receives income from fees charged for late pay- ments and annual fees associated with the credit cards. This is...
Use the credit card statement to answer questions 9 and 10. mber 2063 0907 609 Buling...
Use the credit card statement to answer questions 9 and 10. mber 2063 0907 609 Buling Date 23 Jan Payment De DEBITS ICREDITS (-) 57500 Candida's Shop Sklama's Pezas Beekman Department Store $31.85 $130.10 Food Book Store -$75.00 SUMMARY Creoba Furchase 9. What is the finance charge from this credit card statement? A $3.53 B. $4.53 C. $6.50 D. $7.00 E. $9.97 10. What is the payment made to the credit card company? A. $31.85 B. $38.50 C. $70.00 D....
You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each...
You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each month you pay the minimum monthly payment. 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 9%. 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 well....
Rachel's Beach Shoppe charges tourists to use their credit cards to purchase merchandise at the vacation...
Rachel's Beach Shoppe charges tourists to use their credit cards to purchase merchandise at the vacation store on Monday, Rachel sold $2,000 in merchandise to tourists that used their credit cards to purchase beachwear at the store. The bank charges Rachel's store 1.8% of the total credit card purchases per day to settle the credit transactions. What is the total deposit Rachel expects the bank to deposit into her account after the total bark fees and charges are taken out...
You have credit card debt of $30,000 that has an APR (monthly compounding) of 16%. Each...
You have credit card debt of $30,000 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...
3. (8 points) A credit card offer you got in the mail advertises an APR of...
3. (8 points) A credit card offer you got in the mail advertises an APR of 18% credit card offers 18.5% APR with semiannual compounding a. (6 points) What is the actual interest rate you would be paying annars (1.e. what is the EAR?) vertises an APR of 18% with daily compounding. A second ou would be paying annually on each of the credit cards? b. (2 point) If you took one of the offers, which should you take?
#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...
Credit Cards Worksheet redit cards are plastic cards that allow users to make purchases using borrowed money. There can also be fees and interest payments that you need to be aware of 1. Look at the credit card offers below, and pick the one that you believe is best. Explain your answer. Card #1-Has a $500 limit. There is a $20 annual fee. The interest rate is 12%. There is a late fee of SS if your payment is late....
26. J&G Bank receives an average of 30,000 credit card applications each month. Approximately 60% of them are approved. Each customer charges an aver- age of $2,000 to his or her credit card each month. Approximately 85% pay off their balances in full, and the remaining incur finance charges. The aver- age finance charge is 3.5% per month. The bank also receives income from fees charged for late pay- ments and annual fees associated with the credit cards. This is...
Use the credit card statement to answer questions 9 and 10. mber 2063 0907 609 Buling Date 23 Jan Payment De DEBITS ICREDITS (-) 57500 Candida's Shop Sklama's Pezas Beekman Department Store $31.85 $130.10 Food Book Store -$75.00 SUMMARY Creoba Furchase 9. What is the finance charge from this credit card statement? A $3.53 B. $4.53 C. $6.50 D. $7.00 E. $9.97 10. What is the payment made to the credit card company? A. $31.85 B. $38.50 C. $70.00 D....
Rachel's Beach Shoppe charges tourists to use their credit cards to purchase merchandise at the vacation store on Monday, Rachel sold $2,000 in merchandise to tourists that used their credit cards to purchase beachwear at the store. The bank charges Rachel's store 1.8% of the total credit card purchases per day to settle the credit transactions. What is the total deposit Rachel expects the bank to deposit into her account after the total bark fees and charges are taken out...
3. (8 points) A credit card offer you got in the mail advertises an APR of 18% credit card offers 18.5% APR with semiannual compounding a. (6 points) What is the actual interest rate you would be paying annars (1.e. what is the EAR?) vertises an APR of 18% with daily compounding. A second ou would be paying annually on each of the credit cards? b. (2 point) If you took one of the offers, which should you take?
#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...
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