Personal Finance Credit Card Project

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Match the following credit terms with the correct description. APR [Choose ] [Choose ] Known as the Annual Percentage Rate. Some credit cards charge these. They can be charged for membership and you may be required to pay them once a year. Credit cards that offer these give you cash or points for purchases you make. Occurs when you don't pay your monthly payment on time. These occur when you transfer your balance to a different card. When you move an existing balance to another credit card or account. The least amount of money you are obligated to pay back on a monthly basis to avoid fees and penalties. [Choose ] [Choose ] [Choose ] [Choose ] Fees Rewards Finance Charges Late fees Balance Transfer Minimum payment

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Alpesh

Excel Skills 7. Solve the follow sections: a. Complete the following spreadsheet, showing how much will be in your bank account if you deposit an initial deposit (cell B2) today and it draws annual interest given in cell B1. Interest 2 Initial deposit 3 4 5 6 7 A 8 9 10 Year " 0 1 23 4 5 B b. Graph the results of the bank account. 8% $155 In bank account.

H5.

Find the interest earned on $5,750 deposited into a savings account for 3 1/2 years at an annual interest rate of 4 1/2% a. What formula should be used? b. What are you trying to find and what variable does it represent in the formula? c. Solve the problem showing all of your work (must show all steps!!) d. Interpet your answer using a complete sentence You may use the box below to upoload a picture of your written explanation or type it out in the box. Use the "mountain" button to add pictures.

if u don’t answer this i will report you.

Alice’s second initiative calls for Fresh & Fruity to obtain a bank loan of a sufficient size to enable the company to take all suppliers’ discounts. What is the minimum size of this loan? (Hint: To take all suppliers’ discounts, the average payment period must be 10 days, and net purchases will be purchases – (Purchases from Figure 1 x .02). Assume that all this happens, and solve the following formula for the new accounts payable balance, using:   Accounts payable = Average payment period x Purchase per day* *Based on net purchases/360.   Now compare the accounts payable you just solved with the new accounts payable balance you found in question 3. The difference is the size of the loan that is required. Assume that Fresh &Fruity does obtain an 8 percent loan for one year in the amount you solved in question 5, and it reduces its accounts payable balance accordingly. Now the company is taking 2 percent discounts on all purchases and paying 8 percent a year on the loan…

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Business Math Worksheet 8.2: Installment loans-Amount Financed Name Background: An installment loan is repaid in several equal payments over a specified period of time. Usually, you make a down payment to cover a portion of the cash price of the item. The amount you finance is the portion of the cash price that you owe after making the down payment. Amount Financed = Cash Price - Down Payment Down Payment = Cash Price x Percent 1. Flora Quinton is buying a new air compressor for her auto repair shop. It sells for $1,299. She makes a down payment of $199 and finances the remainder. How much does she finance? 2. Beatriz Ruiz is buying new office furniture. It sells for a cash price of $2,358.60. The down payment is $200.00. What is the amount financed 3. An office remodeling project costs $15,880. If you pay $3,680 towards the project, how much do you finance?

Find the following. (Round your answers to the nearest cent.) FinanceCharge   Number ofPayments   Frequency   Amount   Number ofPayments Left $9.10   12   Monthly   $15   5   (b) the amount needed to pay off the loan

You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Amount Financed Monthly Payment Number of Rebate Payments Made Loan Charge Rebate Payoff Payments Fraction $1,800 18 $128.89 12 Enter a number.

You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Monthly Payment Amount Number of Rebate Payments Made Loan Charge Financed Payments Fraction Payoff Rebate $4,700 36 $168.33 28 0.044 $ 60 2$ 1,286

Assume that your team is in business and you must borrow $6,000 cash for short-term needs. You have been shopping banks for a loan, and you have the following two options. A. Sign a $6,000, 90-day, 10% interest-bearing note dated June 1. B. Sign a $6,000, 120-day, 8% interest-bearing note dated June 1. Required 1. Discuss these two options and determine the better choice. Ensure that all teammates concur with the decision and understand the rationale. 2. Each member of the team is to prepare one of the following journal entries. a. Option A—at date of issuance. b. Option B—at date of issuance. c. Option A—at maturity date. d. Option B—at maturity date. 3. In rotation, each member is to explain to the team the entry he or she prepared in part 2. Ensure that all team members concur with and understand the entries. 4. Assume that the funds are borrowed on December 1 (instead of June 1) and your business operates on a calendar-year reporting period. Each member of the team is to prepare…

1.       If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Lizzie is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.)   31-day billing cycle     10/1   Previous balance   $ 1,170      10/3   Credit    $ 73 cr.       10/12   Charge: King Soopers 154            10/15   Payment   370 cr.       10/25   Charge: Delta   327            10/30   Charge: Holiday Fun 67

4. What is the purpose of a bridge loan? 5. Distinguish between bank discount and simple interest.6. Differentiate between a stated rate of interest and an effective rate of interest. 7. What is the significance of finding the internal rate of return (IRR)? 8. Jill Kramer borrowed $25,000 to pay for a startup business. Jill must repay the loan at the end of five months in one payment with a 6 percent simple interest rate.What is the total amount that Jill must repay in five months?How much interest does Jill repay?9. Joe Jones went to his bank to find out how long it will take for $1,000 to amount to $1,350 at 9 percent simple interest. Solve Joe's problem.

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? Note: Round your answer to the nearest cent. 31-day billing cycle 10/1 10/3 Previous balance Credit $ 1,164 10/12 Charge: King Soopers $ 79 $ 148 Credit 10/15 Payment $ 310 Credit 10/25 Charge: Delta $ 321 10/30 Charge: Holiday Fun $ 61 Answer is complete but not entirely correct. Amount owed $ 1,097.56×

No Plagiarism Please!  Enter your answer and show all the steps that you use to solve this problem in the space provided. You have two credit cards. Card Name (APR %) Existing Balance Credit Limit Murk (5.6%)  $675.49  $1,500.00  Mini (9.85%)  $902.43 $1,000.00  What is your debt ratio? If you budget $375 to payoff your credit card debt and you payoff the highest interest card first while maintaining the interest accrued on the other card, how many months does it take you to pay it off and how much is the payment each time excluding the last payment? Be sure to include the following in your response: the answer to the original question the mathematical steps for solving the problem demonstrating mathematical reasoning

You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed Number of Payments Monthly Payments Rebate Payment Made Fraction Finance Charge Rebate $4,700 36 $167.33 29 15/666 X $ 85.76 Loan Payoff x $785 89