William uses his bank credit card frequently; however, he always pays off the total balance on...
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William uses his bank credit card frequently; however, he always pays off the total balance on the card each monthWhat features should William especially look for in a credit card? |
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Homework Answers
Option "C" is correct, i.e., No Annual Fee and Long Grace Period.
As he pays the amount at the end of the month, he doesn't need to worry about the interest rates.
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William uses his bank credit card frequently; however, he always
pays off the total balance on...
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card...
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly. What will Tobyis' monthly payment be if he pays off the full amount in equal monthly payments over the next 4 years? Work: 3.b Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly but he can switch to a new lower interest rate card...
Gary has just used his credit card to buy a new watch. He got the watch...
Gary has just used his credit card to buy a new watch. He got the watch on sale for $235. The regular price was $290. He used a credit card that has an Annual Percentage Rate of 20%. If Gary makes the minimum monthly payment each month of $10: 19. How much will Gary end up paying for his new watch? 20. How long will it take Gary to pay for his watch? 21. What is the total amount of...
Jerrod Nofstger starts the month with a balance on his credit card of $1,020. On the...
Jerrod Nofstger starts the month with a balance on his credit card of $1,020. On the 10th day of the month, he purchases $180 in clothes with his credit card. On the 15th day of the month, he makes a payment on his credit card of $750. Jerrod's interest rate is one and a half percent for the month. Jerrod's bank calculates the finance charge on their credit card by using the adjusted balance method. What would Jerrod's finance charges...
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card...
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card with an APR of 9% compounded monthly. If he rolls over his debt onto this card and makes the same monthly payment as before, how long will it take him to pay off his credit card debt?
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04658% per day. Travis repays the money plus the interest after 29 day a) Determine the interest charged for the cash advance bj When he repaid the loan, how much did he pay the credit card company? Interest charged (Round to the nearest cont.)
Patti took a cash transaction of $1500 her new credit card charges an annual percentage rate...
Patti took a cash transaction of $1500 her new credit card
charges an annual percentage rate of 21% transaction fee for Cash
advance is 3% of the cash advance with a maximum fee of $35 this
fee is added to the total cash advance in accrues interest if Patty
makes monthly payments of $65 how long will it take Patty to pay
for the cash advance
how much does it really cost? (continu Marie just used her new credit card...
Full the previous month (because he didn't 6. Aiden did not pay off his credit card in full the previous month (bec...
Full the previous month (because he didn't 6. Aiden did not pay off his credit card in full the previous month (because listen to Mr. Coulson's advice). He then had these d ons advice). He then had these daily balances on his credit card for his last billing period and, so, will have to pay a finance charge. Eight days @ $678.12 Nine days @ $1,976.00 Ten days @ $2,312.50 Four days @ $1,644.82 What is the average daily balance...
Hamed only made the minimum required payment on his credit card in May. Thus he started the next 30-day billing period (...
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)...
n has been using his credit card too much . His o use only cash until...
n has been using his credit card too much . His o use only cash until the balance of $8574 e credit card company charges 18% compounded monthly. What is the effec t rate? How much interest will he owe e first month's payment? If he makes monthly is paid off. The car in th payments of $225, how long until it is paid ofl South Florida Contributed by Paul R. McCright, University 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...
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly. What will Tobyis' monthly payment be if he pays off the full amount in equal monthly payments over the next 4 years? Work: 3.b Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly but he can switch to a new lower interest rate card...
Gary has just used his credit card to buy a new watch. He got the watch on sale for $235. The regular price was $290. He used a credit card that has an Annual Percentage Rate of 20%. If Gary makes the minimum monthly payment each month of $10: 19. How much will Gary end up paying for his new watch? 20. How long will it take Gary to pay for his watch? 21. What is the total amount of...
10.4.34 Que Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04658% per day. Travis repays the money plus the interest after 29 day a) Determine the interest charged for the cash advance bj When he repaid the loan, how much did he pay the credit card company? Interest charged (Round to the nearest cont.)
Patti took a cash transaction of $1500 her new credit card
charges an annual percentage rate of 21% transaction fee for Cash
advance is 3% of the cash advance with a maximum fee of $35 this
fee is added to the total cash advance in accrues interest if Patty
makes monthly payments of $65 how long will it take Patty to pay
for the cash advance
how much does it really cost? (continu Marie just used her new credit card...
Full the previous month (because he didn't 6. Aiden did not pay off his credit card in full the previous month (because listen to Mr. Coulson's advice). He then had these d ons advice). He then had these daily balances on his credit card for his last billing period and, so, will have to pay a finance charge. Eight days @ $678.12 Nine days @ $1,976.00 Ten days @ $2,312.50 Four days @ $1,644.82 What is the average daily balance...
n has been using his credit card too much . His o use only cash until the balance of $8574 e credit card company charges 18% compounded monthly. What is the effec t rate? How much interest will he owe e first month's payment? If he makes monthly is paid off. The car in th payments of $225, how long until it is paid ofl South Florida Contributed by Paul R. McCright, University of
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...
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