find the balance on the credit card after 3 months with the following information: apr =...
find the balance on the credit card after 3 months with the following information: apr = 15.99% carryover balance for month 1 = $793.16 minimum payment is $50 or 8%, whichever is greater
Homework Answers
| No. | Rate | Payment | Extra payment | Total payment | Intrest paid | Principal paid | Balance |
| 0 | 15.99% | 793.16 | |||||
| 1 | 15.99% | 63.45 | 0 | 63.45 | 10.57 | 52.88 | 740.28 |
| 2 | 15.99% | 59.22 | 0 | 59.22 | 9.86 | 49.36 | 690.92 |
| 3 | 15.99% | 55.27 | 0 | 55.27 | 9.21 | 46.07 | 644.85 |
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find the balance on the credit card after 3 months with the
following information: apr =...
Suppose you have a credit card with a balance of $14,340.87 that charges 10.13% APR on...
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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?
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The table below shows the expenses and payments for eight months on a credit card with...
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...
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11. Calculating minimum payment. You have a credit card with an APR of 36%. The minimum...
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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.) Here is a sample credit card statemet. Use the CARD Statement to answer problems a-...
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You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each...
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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...
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