Allie deposits money into her savings account each month. The table shows the balance in the account for the corresponding month. Time (months ) 8 10 12 14 Money (dollars ) 350
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- Use Worksheet 7.1. Every 6 months, Sean Ma takes an inventory of the consumer debts that he has outstanding. His latest tally shows that he still owes $3,750 on a home improvement loan (monthly payments of $225); he is making $105 monthly payments on a personal loan with a remaining balance of $700; he has a $2,000, secured, single-payment loan that's due late next year; he has an $80,000 home mortgage on which he's making $1,050 monthly payments; he still owes $10,500 on a new car loan (monthly payments of $450); and he has a $630 balance on his MasterCard (minimum payment of $30), a $90 balance on his Exxon credit card (balance due in 30 days), and a $500 balance on a personal line of credit ($50 monthly payments). Use Worksheet 7.1 to prepare an inventory of Sean's consumer debt. Round the answers to the nearest cent. Type of Consumer Debt Creditor Currently Monthly Payment Latest BalanceDue Auto loans $ $ Personal installment loans $ $ Home improvement loan…Jasmine is making quarterly contributions of of $440 to her savings account which pays interest at the APR of 6.6%, compounded quarterly. Right after Jasmine makes her 38th contribution, the bank changes the APR to 4.4% and Jasmine makes 43 more $440 contributions. What is Jasmine's balance right after her last contribution?$Use the information below to log Zoe’s payments and deposits in her checking account register. Friday, 10/5 When she checks her account balance online. Zoe sees that she was charged $36 the previous day for overdrawing on her account. Unfortunately for her, her last check was deducted from her account before her next paycheck was deposited. During the past two weeks, Zoe worked 42 hours at $7.50 an hour. From the total pay, $27 was taken out for taxes. Record the net pay that was automatically deposited into her account today. Date Check no. Provide a Description of the transaction Calculate Payment/debit (-) Credit (+) Calculate Balance
- On the first of February, Rosa Maria deposits $19,500 in an account earning 5.7% simple interest per month. How much money can she withdraw on the first day of September if she had withdrawn $6,500 from her account on 1 April? (It's advisable to make a time diagram)Mr. VanJergen's credit card uses the average daily balance method for calculating interest. His balance for the first 12 days of October was $850.00. His balance for the rest of October was $2,495.00. What was his average daily balance?Samantha and Samuel both have student credit cards issued by VISA. Their credit card statements show they are at their credit card limit of $500 this month. Samantha manages her credit well and ensures that her credit card balance is paid off in full each month before the payment deadline while Samuel cannot manage to pay off the minimum amount required each month. Complete the sentence: For Financial Statement reporting purposes, __________________________________________. a) It does not matter where Samantha or Samuel report the$500 as long as it is shown on one of their Financial Statements. b) Both Samantha and Samuel would report their $500 on their Balance Sheet as a current liability. c) Both Samantha and Samuel would report their $500 on their Cash Flow statement as an expense. d) Samantha would report her $500 on her Cash Flow statement as an expense while Samuel would report his credit card debt of $500 on his Balance Sheet as a current liability. e) Samantha would report her…
- An individual spends $100 per day. Suppose that this person pays for all her purchases using her credit card. She withdraws no money from her bank account until the morning of the fourth day, when she withdraws the whole amount necessary to pay for her credit card purchases over the previous four days. Calculate the amount of money this person withdraws each time she goes to the bank. She will withdraw $ 400. (Enter your response as a whole number.) Compute this person's money holdings at the beginning of each of the next four days. For day 1, money holdings are $ For day 2, money holdings are $ (Enter your response as a whole number.) (Enter your response as a whole number.) For day 3, money holdings are $ (Enter your response as a whole number.) (Money holdings are at the beginning of the day before she makes any For day 4, money holdings are $ payments.)June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her savings strategies and current banking arrangements to determine if she should make any changes. June has a regular checking account that charges her a flat fee per month, writes an average of 18 checks a month, and carries an average balance of $795 (although it has fallen below $750 during 3 months of the past year). Her only other account is a money market deposit account with a balance of $4,250. She tries to make regular monthly deposits of $50–$100 into her money market account but has done so only about every other month. Of the many checking accounts June’s bank offers, here are the three that best suit her needs.• Regular checking, per-item plan: Service charge of $3 per month plus 35 cents per check.• Regular checking, flat-fee plan (the one June currently has): Monthly fee of $7 regardless of how many checks written. With either of these regular checking accounts, she can avoid…Starting on the day Kelly was born, her mother has invested $50 at the beginning of every month in a savings account that earns 2.20% compounded monthly. a. How much did Kelly have in this account on her 22nd birthday? Assume that there was no deposit on that day. b. What was her mother's total investment? c. How much interest did the investment earn? How much should Diana's dad invest into a savings account today, to be able to pay for Diana's rent for the next five years if rent is $950 payable at the beginning of each month? The savings account earns 3.75% compounded monthly.
- Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month June July Need Help? Previous Month's Balance (in $) $693.96 Submit Answer $822.08 Read It tA Finance Charge (in $) $18.50 X Purchases and Cash Advances $153.38 $76.59 Payments and Credits $300.00 $120.00 New Balance End of Month (in $) $693.96 X10. Elly's credit card record for the last 7 months is below. Based on the information from the table, what will be her new balance at the end of month 7? End of Month Previous New Payment Finance Principal New Balance Charges Received Charges Paid Balance 1 $0.00 $2200.00 $0.00 $0.00 $0.00 $2200.00 5 6 234567 2 $2200.00 $0.00 $44.00 $33.00 $11.00 $2189.00 $2189.00 $0.00 $43.78 $32.84 $10.95 52178.06 4 $2178.06 $0.00 $43.56 $32.67 $10.89 $2167.16 $2167.16 $0.00 $43.34 $32.51 $10.84 $2156.33 $2156.33 $0.00 $43.13 $32.34 $10.78 $2145.55 $2145.55 $0.00 $42.91 $32.18 $10.73 $?Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month