Assume that you have a balance of $3200 on your Discover credit card and that you...
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.
Homework Answers
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Assume that you have a balance of $3200 on your Discover credit
card and that you...
Suppose you have a credit card with a balance of $14,340.87 that charges 10.13% APR on...
Suppose you have a credit card with a balance of $14,340.87 that charges 10.13% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
Suppose you have a credit card with a balance of $10,457.03 that charges 12.65% APR on...
Suppose you have a credit card with a balance of $10,457.03 that charges 12.65% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
#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...
Assume that you have a balance of $2900 on your MasterCard and that you make no...
Assume that you have a balance of $2900 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 6% of the balance. What will the balance be after 24 months? (Round your answer to the nearest cent.) ( Mind you, It is not 846 )
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...
You have a credit card with an APR of 36%. The card requires a minimum monthly...
You have a credit card with an APR of 36%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $7000. You stop charging and make only the minimum monthly payment. What is the balance on the card after eight years?
Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment...
Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $750. You decide to stop charging and make only the minimum payment. Calculate the minimum payment for the first and second payments. (Be sure to take into account the finance charges. Round your answers to the nearest cent.) first payment $ 75 second payment $ 67.5 eBook
Your credit card charges 2% interest per month on unpaid balances. You maintain a balance of...
Your credit card charges 2% interest per month on unpaid balances. You maintain a balance of $656. How long will it take to pay off the credit card balance, assuming you make the minimum payment of $45 each month?
11. Calculating minimum payment. You have a credit card with an APR of 36%. The minimum...
11. Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $800. You decide to stop charging and make only the minimum payment. The initial payment will be 10% of $800, or $80. Calculate the minimum payment for the next two months. (Be sure to take into account the finance charges.)
#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...
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 $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...
Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $750. You decide to stop charging and make only the minimum payment. Calculate the minimum payment for the first and second payments. (Be sure to take into account the finance charges. Round your answers to the nearest cent.) first payment $ 75 second payment $ 67.5 eBook
11. Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $800. You decide to stop charging and make only the minimum payment. The initial payment will be 10% of $800, or $80. Calculate the minimum payment for the next two months. (Be sure to take into account the finance charges.)
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