Homework Answers
Note : If you have any queries about the solution kindly, ask in the comment section!
SOLUTION:
Credit Card Calculations
| Sr. No. |
Particulars |
Amount | APR | Period | Total |
| 1 | Total finance charge | 3200 | 21.99% | 30/365 | 57.84 |
| 2 | Minimum Payment | 3200 | 6% | 30/365 | 15.78 |
| 3 | Minimum Payment for each year | 3200 | 6% | 365 | 189.36 |
| 4 | Starting balance in month 13 | 3200 | 21.99% | 365 | 883.44 |
Add Answer to:
Calibri (Body) 12 A- A A Style Math 123 Quantitative Reasoning Section 10 Excel Credit Cards...
Name: Section 10, Credit Cards 1. With a beginning balance of $1200 and no additional charges...
Name: Section 10, Credit Cards 1. With a beginning balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. The APR is 24.99% and the minimum payment each month is 3% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next three months, and the starting balance for month 4 in the table below: Month Carry-Over...
Which of the following is an advantage of using credit cards
1. Which of the following is an advantage of using credit cards? (Points : 1) Credit card accounts charge monthly interest. It is very easy to charge more than you can pay off each month. If you pay late, you will be charged a late fee. They are convenient.2. The amount left when you subtract last month's payment from last month's balance on a credit card statement is the (Points : 1) APR. unpaid balance. new balance. minimum payment.3. The...
#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...
Suppose you open a credit card account and charge $150 to the account on the first...
Suppose you open a credit card account and charge $150 to the account on the first of each month to pay for your cable and Internet subscription. You plan to pay just the minimum payment each month for the first 6 months (until your summer job starts). The APR is 20.99% and the minimum payment is 4.5% of the balance. Use Excel to fill in the values in the table below and answer the questions that follow. Month Starting Balance...
10)You have a few credit cards that you are currently paying the minimum payment on, which...
10)You have a few credit cards that you are currently paying the minimum payment on, which have high interest rates. You cannot pay it all off before the end of the month and as a result have only been paying the minimum. Recently you receive an offer for 0% balance transfer and think it is a good idea to transfer your balances from the various different cards in order to pay it off faster without any more interest or finance...
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate....
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $470. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 20% nominal interest rate....
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 20% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $480. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
19. Problem 5.37 (Paying off Credit Cards) eBook Simon recently received a credit card with a...
19. Problem 5.37 (Paying off Credit Cards) eBook Simon recently received a credit card with a 13% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $500.00. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number....
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...
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate,...
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate, with the card, he purchased an Apple iPhone 5 for $460. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
Name: Section 10, Credit Cards 1. With a beginning balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. The APR is 24.99% and the minimum payment each month is 3% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next three months, and the starting balance for month 4 in the table below: Month Carry-Over...
#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...
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $470. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 20% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $480. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
19. Problem 5.37 (Paying off Credit Cards) eBook Simon recently received a credit card with a 13% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $500.00. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number....
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate, with the card, he purchased an Apple iPhone 5 for $460. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
Most questions answered within 3 hours.
-
Assume that the United States has 293.7 million acres of
biologically productive land. How many acres...
asked 2 minutes ago -
1. Deferred taxes may be classified as either current or
non-current under IFRS. True or false...
asked 3 minutes ago -
LC oscillators have been used in circuits connected to
loudspeakers to create some of the sounds...
asked 5 minutes ago -
Consider the reaction CO(g)+H2O(g)⇌CO2(g)+H2(g) Kc=102 at 500
K
A reaction mixture initially contains 0.155 MCO and...
asked 8 minutes ago -
Find the activity of a sample containing 7.49 1014 iodine-131
nuclei (T1/2 = 8.0 days).
asked 23 minutes ago -
Iodine is prepared both in the laboratory and commercially by
adding Cl2(g) to an aqueous solution...
asked 36 minutes ago -
You are given the following information for a 4-year lease,
with $65,000 payments due at the...
asked 37 minutes ago -
Benning Inc is a defense contractor that uses job costing.
Because the firm uses a perpetual...
asked 1 hour ago -
What is the net ionic equation for the reaction that would occur
when an aqueous solution...
asked 5 hours ago -
A
student bought $1000 worth of furniture. What is the equivalent
annual cost if it is...
asked 5 hours ago -
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 6 hours ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 7 hours ago