Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and now owes $5232.25.The interest charges are 1.75% per month. (a) Find the interest charges. (b) Find the interest charges if he moves the debt to a credit card charging .8% per month on the unpaid balance. (c) Find the savings

Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and now owes $5232.25.The interest charges are 1.75% per month. (a) Find the interest charges. (b) Find the interest charges if he moves the debt to a credit card charging .8% per month on the unpaid balance. (c) Find the savings

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 68P

See similar textbooks

Similar questions

1. Betty Thomas borrowed $6500 onher Visa card to install a hot tub with landscaping around it. The interest charges are 1.6% per month on the unpaid balance a) Find the monthly interest charges. b) Find the interest charges if she moves the debt to a credit card charging 1% per month on the unpaid balance. (c) Find the monthly savings.
To help pay for college, Sam borrowed money from an online lending company. He took out a personal, amortized loan for $53.500, at an interest rate of 5.9%, with monthly payments for a term of 15 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Sam's monthly payment. $0 (b) If Sam pays the monthly payment each month for the full term, find his total amount to repay the loan. $0 (c) If Sam pays the monthly payment each month for the full term, find the total amount of interest he will pay. $0 X
Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate of 8%. The total interest that he paid was $336. How much money did he borrow? If necessary, refer to the list of financial formulas. $ X
Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04386% per day. Travis repays the money plus the interest after 30 days. a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company?
Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?
Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school The interest rate charged for the loan is 0.05645% per day. Travis repays the money plus the interest after 28 days a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company? Interest charged $ (Round to the nearest cent.)
Camila Martinez has several credit cards, on which she is carrying a total current balance of $6,500. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 4 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 6 months. Calculate the fee that Camila would pay to transfer the balance. $ Describe the benefits and drawbacks of balance transfer cards.
Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?
Interest Earned. On June 1, Mia deposited $5,500 in an MMDA that pays 3% interest. On October 31, Mia invested $1,400 in a three-month CD that pays 2.99%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is $___________
Interest Earned. On June 1, Mia deposited $5,600 in an MMDA that pays 3% interest. On October 31, Mia invested $1,200 in a three-month CD that pays 4%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is (Round to the nearest cent.).
To help pay for college, Christine borrowed money from an online lending company. She took out a personal, amortized loan for $57,000, at an interest rate of 5.65%, with monthly payments for a term of 10 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Christine's monthly payment. $0 (b) If Christine pays the monthly payment each month for the full term, find her total amount to repay the loan. $0 (c) If Christine pays the monthly payment each month for the full term, find the total amount of interest she will pay. $0 Continue 50°F Mostly cloudy 25 $ O FS % F6 1 17 D a F8 co X © 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Cer 27 TX W F10 X 4 PDF/ Sub &
A college student, needs to borrow $5,000 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment 5 years from now, after he is out of college. The bank states that the payment will need to be $7,012.76. If John borrows the $5,000 from the bank, what nominal interest rate is he paying on his loan? O 7.5% O 7% O 7.25% O 8%