Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard has finance charges of 12% APR and that each month you make only the minimum payment of 4% of the balance. Duri...
Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard has finance charges of 12% APR and that each month you make only the minimum payment of 4% of the balance. During the first month, you charge $250, and during the second month, you charge $500. Complete the following table. (Round your answers to the nearest cent.)
| Previous balance |
Minimum payment | Purchases | Finance charge |
New balance |
|
|---|---|---|---|---|---|
| Month 1 | $5000.00 | $ | $ | $ | $ |
| Month 2 | $ | $ | $ | $ | $ |
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Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard has finance charges of 12% APR and that each month you make only the minimum payment of 4% of the balance. Duri...
Assume that you start with a balance of $4000 on your MasterCard. Assume that MasterCard has...
Assume that you start with a balance of $4000 on your MasterCard. Assume that MasterCard has finance charges of 16% APR and that each month you make only the minimum payment of 4% of the balance. During the first month, you charge $250, and during the second month, you charge $500. Complete the following table. (Round your answers to the nearest cent.) Minimum payment Purchases New balance Previous balance $4000.00 Finance charge $ 53.17 ✓ $250 " Month 1 Month...
You have a credit card with an APR of 12%. You begin with a balance of $250, in response to which you make a payment of $75. The first month you make charges amounting to $60. You make a payment of $7...
You have a credit card with an APR of 12%. You begin with a balance of $250, in response to which you make a payment of $75. The first month you make charges amounting to $60. You make a payment of $75 to reduce the new balance, and the second month you charge $65. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $250.00 $ $ $ $...
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...
Assume that you have a balance of $7000 on your MasterCard and that tiu nake no...
Assume that you have a balance of $7000 on your MasterCard and that tiu nake no mote charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find out how many months jt sl take to bring the remaining balance down to $400.(Round your answer to the nearest whole number.)
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
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
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...
Suppose your AMEX card calculates finance charges using an APR of 16.5%. Your statement sows a...
Suppose your AMEX card calculates finance charges using an APR of 16.5%. Your statement sows a balance of $800, and your minimum monthly payment is 6% of that month’s balance. (a) What is your balance after 12 months if you make no more charges and make only the minimum payment? (8) b) How long will it take to get your balance under $100. (8)
Assume that you start with a balance of $4000 on your MasterCard. Assume that MasterCard has finance charges of 16% APR and that each month you make only the minimum payment of 4% of the balance. During the first month, you charge $250, and during the second month, you charge $500. Complete the following table. (Round your answers to the nearest cent.) Minimum payment Purchases New balance Previous balance $4000.00 Finance charge $ 53.17 ✓ $250 " Month 1 Month...
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
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
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...
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