6) Assume you have a credit card that has a 24% APR and you have an a daily balance of $1,500.00. Assume there are 12 egual monthly hilling cuclor on tho orodit oord
6) Assume you have a credit card that has a 24% APR and you have an a daily balance of $1,500.00. Assume there are 12 egual monthly hilling cuclor on tho orodit oord
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Number 6 a and b plz
![10%
Up to $10,000
15%
$10,000 - $40,000
25%
$40,000 – $85,000
30%
$85,000 – $150,000
35%
$150,000 - $400,000
t Trac
sheet
(6) Assume you have a credit card that has a 24% APR and you have an average
daily balance of $1,500.00.
Assume there are 12 equal monthly billing cycles on the credit card.
Respond to the following two (2) questions:
t Trackir
sheet (1)
(a) what is the approximate finance charge that you would owe for one month,
assuming you did not repay any principal?
(b) What is the approximate finance charge that you would owe for one year,
assuming you did not repay any principal?
sonal Net
ce Sheet
plified
al.ement
(7) What is the definition of Annual Percentage Rate ('APR') for a loan? Why is it typically
different than the stated interest rate?
etv
11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aac1ddd-7007-4683-a30b-50b3b7afdfe4%2F0a5b110a-884a-46ad-808a-388bfc1e4cbe%2Floes2jd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10%
Up to $10,000
15%
$10,000 - $40,000
25%
$40,000 – $85,000
30%
$85,000 – $150,000
35%
$150,000 - $400,000
t Trac
sheet
(6) Assume you have a credit card that has a 24% APR and you have an average
daily balance of $1,500.00.
Assume there are 12 equal monthly billing cycles on the credit card.
Respond to the following two (2) questions:
t Trackir
sheet (1)
(a) what is the approximate finance charge that you would owe for one month,
assuming you did not repay any principal?
(b) What is the approximate finance charge that you would owe for one year,
assuming you did not repay any principal?
sonal Net
ce Sheet
plified
al.ement
(7) What is the definition of Annual Percentage Rate ('APR') for a loan? Why is it typically
different than the stated interest rate?
etv
11
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