FontParagraphStylesEditingDictateEditorPasteUndoClipboardStylesVoiceEditora) Will credit cards help? The average undergraduate student leaves college with a diploma andaround $2750 in credit card debt (graduate students; $4800). Suppose you have a credit card with abalance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amountof interest due each month is figured as current balancewhere r is the rate (decimal form) and n is12. Fill in the table, making minimum payments.CurrentbalanceMonthInterestPaymentAmount applied to principal1$2750.00$45.38$45.00-$0.38$2750.38$45.00$45.004$45.00$45.00$45.00$45.008.$45.009.$45.0010$45.0011$45.0012$45.00Page 4 of 61011 wordsDFocus80%P Type here to search立

a) Yes, Credit Cards will help as long as we are paying the interest amount on time and principal…

Answered: a) Will credit cards help? The average…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Solve the problem below. 2. Suppose that your bank has a minimum loan charge of $48 when you borrow at 6% ordinary interest for 90 days. What principal borrowed will result in a $48 interest charge?
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: (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?
K1. 15) FIGURE OUT THE NEW STATEMENT BALANCE. You have a credit card that charges 18.99% on any outstanding balances, and 25% on cash advances, plus a fee of 3% of the amount of the cash advance. The closing date on the credit card is the 1st of each month. Last month you left a balance of $1800 on your credit card. This month you took out a cash advance of $450 and made $1600 in additional purchases. You made a payment of $950. What will the total of your new balance be on your next credit card statement, considering finance charges?
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
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.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,700 18 $123.89 12
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 Number of Monthly Payments Payments Payment Made Rebate Fraction Charge Rebate $4,600 36 $163.33 32 +A $ Loan Payoff
am. 111.
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.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,900 18 $126.89 13 $ $
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.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,800 18 $126.89 12 $ $
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.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $4,700 36 $162.33 31 $ $
Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the same time you charge an additional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend t the debt is paid off. How long does it take to pay off the credit card debt?
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