ZuoTi.Pro
Question
The table below shows the expenses and payments for eight months on a credit card with initial balance of $450. Assume that the interest rate is 1.5% per month/18% APR and that interest for a given month is charged on the balance for this previous month. Complete the table. After eight months what is the balance on the credit card?

Table of expenses and payments
Month Pymnt Exp. Int. Bal.
0. — —— —- $450
1. $450. $125. 1.5% $131.75
x$450=$6.75
2. $175. $175
3. $380. $350
4. $500. $450
5. 0. $70
6. $110. $80
7. $150. $125
8. $90. $80
complete the table below.
round to the nearest cent as needed
Month. Pymnt. Exp. Int. Bal
0. —- —— —— $450
1. $450. $125. $6.75 $131.75
2. $175. $175. ____. ______
3. _____. _____. _____. ______
4. _____. _____. _____. _______
5. _____. _____. _____. _______
6. ______. _____. _____. _______
7. ______. ______. _____. ______
8. ______. ______. ______. _____

Complete month 2-8 interest & balance. Round to the nearest cent as needed.

e The table below shows the expenses and payments for 3 months on a credit card account with an initial Dance of the balance
math   Advanced-Math   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1 0
Add a comment
Know the answer?
Add Answer to:
The table below shows the expenses and payments for eight months on a credit card with...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • You owe ​$3629 on your credit card which has a 17.2​% APR. ​(a) How much interest...

    You owe ​$3629 on your credit card which has a 17.2​% APR. ​(a) How much interest do you get charged this month on your balance of ​$3629​? ​(b) You make a payment of ​$850. What is your new balance for the next​ month? ​(c) How many total months will it take you to pay off the debt if you continue to make ​$850 payments each month​ (the last month you would pay just what you​ owe)? ​(a) The interest is...

  • Suppose you owe ​$600 on your credit card and you decide to make no new purchases...

    Suppose you owe ​$600 on your credit card and you decide to make no new purchases and to make the minimum monthly payment on the account. Assuming that the interest rate on your card is 1​% per month on the unpaid balance and that the minimum payment is 2​% of the total​ (balance plus​ interest), your balance after t months is given by ​B(t)=600​(0.9898t​). Find your balance at each of the given times. Complete parts​ (a) through​ (e) below. ​(a)...

  • Simon recently received a credit card with a 15% nominal interest rate. With the card, he...

    Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $351.59. 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. month(s) b. If Simon makes monthly payments of...

  • Simon recently received a credit card with a 21% nominal interest rate. With the card, he...

    Simon recently received a credit card with a 21% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $368.24. The minimum payment on the card is only $20 per month. 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.   month(s) If Simon makes monthly payments of $65, how...

  • Simon recently received a credit card with an 18% nominal interest rate. With the card, he...

    Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $384.43. 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 whole number. month(s) b. If Simon makes monthly payments of...

  • 20. Simon recently received a credit card with a 12% nominal interest rate. With the card,...

    20. Simon recently received a credit card with a 12% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $370.44. The minimum payment on the card is only $20 per month. 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. ______ month(s) If Simon makes monthly payments of...

  • 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...

  • You have a credit card with an APR of 12%. You begin with a balance of...

    You have a credit card with an APR of 12%. You begin with a balance of $350, in response to which you make a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the new balance, and the second month you charge $60. Complete the following table. (Round your answers to the nearest cent.) Previous Finance New balance Payments Purchases charge balance Month 1 $350.00 $ Month 2 $...

  • You have a credit card with an APR of 20.8%. You begin with a balance of...

    You have a credit card with an APR of 20.8%. You begin with a balance of $1500, in response to which you make a payment of $300. The first month you make charges amounting to $550. You make a payment of $300 to reduce the new balance, and the second month you charge $750. Complete the following table. (Round your answers to the nearest cent.) Previous Finance New Payments Purchases balance charge balance Month 1 $1500 $ $ Month 2...

  • 1. Simon recently received a credit card with an 17% nominal interest rate. With the card,...

    1. Simon recently received a credit card with an 17% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $440. The minimum payment on the card is only $20 per month. 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) If Simon makes monthly payments of $60,...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT