Question #1 - I spent $85.36 at Wegmans and charged it on my credit card. The card charges a commission of 45 cents plus 1 1/2%. How much does Wegmans get from my credit card company as payment? Quest...
Question #1 - I spent $85.36 at Wegmans and charged it on my credit card. The card charges a commission of 45 cents plus 1 1/2%. How much does Wegmans get from my credit card company as payment? Question #2 - I have the choice of two credit cards: Bank A: 12% interest rate, $60 annual fee Bank B: 18% interest rate, no annual fee How much, at least, would I need to keep as an average balance to prefer Bank A?
Homework Answers
Please give it a thumbs up if you like the answer. Comment if any problem in solution. :)
Add Answer to:
Question #1 - I spent $85.36 at Wegmans and charged it on my credit card. The card charges a commission of 45 cents plus 1 1/2%. How much does Wegmans get from my credit card company as payment? Quest...
If the credit card has an annual interest rate of 13.6% and only the minimum monthly payment of $35 is made, how many months will it take to pay off the credit card?
Part 2: Credit Cards Another type of personal loan is a credit card. A financial institution allows you to charge a purchase to your account, and you are required to pay the financial institution at a later time. As with other loans, credit cards charge interest. Interest rates can range from 3% - 22%. When you are paying for debt on a credit card, the financial institution will require a minimum balance be paid each month. The higher the interest rate that is charged...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the APR for this credit card? (b) What is the APY? Assume 360 days in a year (twelve 30-day months). 2. A local credit union is advertising a car loan with an APR of 6.75%. If interest is compounded monthly, (a) what is the interest rate per compounding period, and (b) what is the effective annual interest rate (i.e., the APY)? 3. Your local credit...
Question #1 I owe $4,200 on a credit card. The interest rate is 14.99%. I will...
Question #1 I owe $4,200 on a credit card. The interest rate is 14.99%. I will pay $80 each month until my balance is paid off. Create a spreadsheet for an amortization table for this loan. Submit your spreadsheet here, and then use it to answer the questions that follow. Question #2 How many months will it take me to fully pay off my balance following this plan? Question #3 How much does my last payment need to be to...
ti of 1 Question 5 of 10 5Points You have $4,500 on a credit card that charges a 17% interest rate. If you want to p...
ti of 1 Question 5 of 10 5Points You have $4,500 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? OA. $109.69 each month B. $129.85 each month OC. $93.75 each month D. $191.25 each month Reset Selection Save Exit revious Next e
The following question will test your skills of time value of money techniques applied to credit...
The following question will test your skills of time value of
money techniques applied to credit cards. Suppose you owe $10,000
on a credit card. The credit card has an APR1 of 18%. In the
following questions we will assume you make NO additional charges
on your credit card.
a. If you wish to pay of the balance in 5 years, how much
should you pay monthly?
b. If you make the required payments calculated in a., at the
end...
13. Phoebe realizes that she has charged too much on her credit card and has racked...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE. Question 1 0.2 pts You receive a credit card...
I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE.
Question 1 0.2 pts You receive a credit card offer with terms of 1.25% interest. When you read the fine print, however, you see that the interest is not the annual percentage rate (APR), but the amount being charged every quarter. What is the APR (also known as the nominal interest rate)? Enter your answer as the percentage rate (without the percentage sign). For example, if you calculate 12.34%, enter it as 12.34...
Question: A company regularly purchases materials from a manufacturer on credit. Payments for these purchas... A company...
Question: A company regularly purchases materials from a manufacturer on credit. Payments for these purchas... A company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within the company’s operating cycle. They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. Which current liability situation does this best describe? sales tax payable accounts payable unearned revenue income taxes payable A ski company takes out a $400,000 loan from...
How does this article relate to the factors of productions in economics? From Music to Maps,...
How does this article relate to the factors of productions in economics? From Music to Maps, How Apple’s iPhone Changed Business Ten years ago, hailing a cab meant waiving one's arm at passing traffic, consumers routinely purchased cameras, and a phone was something people made calls on. The iPhone, released a decade ago this month, changed all of that and more, sparking a business transformation as sweeping as the one triggered by the personal computer in the 1980s. Apple Inc.'s...
Can someone please tell me what chapters (1-5) these questions are based on? I have already answered the questions and u...
Can someone please tell me what chapters (1-5) these questions
are based on? I have already answered the questions and understand
how to solve the material, but i want to be able to pinpoint where
i can find this info. in the book. I am using Brigham’s
Fundamentals of Financial Management (pictures attached). If it is
hard to read, please let me know. i will post better pictures. i
know the time vale of money stuff already
EDIT: HERE IS...
ti of 1 Question 5 of 10 5Points You have $4,500 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? OA. $109.69 each month B. $129.85 each month OC. $93.75 each month D. $191.25 each month Reset Selection Save Exit revious Next e
The following question will test your skills of time value of
money techniques applied to credit cards. Suppose you owe $10,000
on a credit card. The credit card has an APR1 of 18%. In the
following questions we will assume you make NO additional charges
on your credit card.
a. If you wish to pay of the balance in 5 years, how much
should you pay monthly?
b. If you make the required payments calculated in a., at the
end...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE.
Question 1 0.2 pts You receive a credit card offer with terms of 1.25% interest. When you read the fine print, however, you see that the interest is not the annual percentage rate (APR), but the amount being charged every quarter. What is the APR (also known as the nominal interest rate)? Enter your answer as the percentage rate (without the percentage sign). For example, if you calculate 12.34%, enter it as 12.34...
Can someone please tell me what chapters (1-5) these questions
are based on? I have already answered the questions and understand
how to solve the material, but i want to be able to pinpoint where
i can find this info. in the book. I am using Brigham’s
Fundamentals of Financial Management (pictures attached). If it is
hard to read, please let me know. i will post better pictures. i
know the time vale of money stuff already
EDIT: HERE IS...
Most questions answered within 3 hours.
-
MCL 445.111 et seq. deals with Home Solicitation Sales.
MCL stands for Michigan Compiled Laws which...
asked 4 minutes ago -
Which of the following items may not create an NOL?
a.
sole proprietorship loss
b.
personal...
asked 9 minutes ago -
A hypothetical solution forms between a solid and a liquid. The
values of the thermodynamic quantities...
asked 7 minutes ago -
when 2053 j of heat is added to 46.3 g of hexane C6H14 the
temperature increases...
asked 11 minutes ago -
a)An ideal heat pump is being considered for use in heating an
environment with a temperature...
asked 11 minutes ago -
.
Convert the following pairs of voltage and current waveforms to
phasor form. Each pair of...
asked 12 minutes ago -
I need new and unique answers, please. (Use your own words,
don't copy and paste), Please...
asked 14 minutes ago -
A 6.5 cm diameter ball has a terminal speed of 22 m/s. What is
the ball's...
asked 26 minutes ago -
Name two areas of the human body with the highest concentration
of lymph nodes and speculate...
asked 30 minutes ago -
Angel Corporation has $10,000,000 of
8.0% 25 year bonds dated May 1, 2018 with interest payable...
asked 1 hour ago -
7.
________ involves individuals trading goods they already have or
providing services in exchange for something...
asked 1 hour ago -
Share your research problem. What databases did you search as
you gathered evidence to support your...
asked 1 hour ago