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.

Q: QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be…

A: Variables in the question:Cost of home=$220,000Down payment=25%Balance will be financed with…

Q: Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9…

A: Compound = monthly  = 12 Present value = pv = $6200 Interest rate = r = 14.9 / 12% Payment = p =…

Q: Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the…

A: Total amount deposited = $3,000Bank ALet Amount deposited in Bank A be P.Annual interest rate = 6%…

Q: A friend asks to borrow 455 form you and in return will pay you $58 in one year.  If your bank is…

A: Present value = $55 Interest rate =6% Time =1 year So, Future value = Present value*(1+ interest…

Q: Josh borrowed $500 for 1 year and paid $50 in interest. The bank charged a $5 service charge. What…

A: Finance charge:Finance charge means the total amount of charges of loan and interest paid throughout…

Q: Bill deposits $100 into a bank account. His account is credited at a nominal discount rate of 4%…

A: Interest credited to the account of Bill and Cynthia at the end of the year will be $4 and $16…

Q: Rayleene is getting a loan to buy a used car from a seller. The price of the car is $8200.00. She…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Data given: 31 day billing cycle 10/1 Previous balance    $ 1,177.00 10/3 Credit $ 66     cr…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: WORKING AND EXPLANATION

Q: Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate…

A: Simple Interest = Principal amount x no. of days/365 x Rate

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: Paige is planning on depositing $1,000 in one of two different savings accounts from two financial…

A: Annual percentage rate (APR) refers to the stated interest rate or the nominal rate that is being…

Q: Suppose Zoe had deposited another $900 into a savings account at a second bank at the same time. The…

A: To calculate the amount of money Zoe will have in her savings account at the second bank in 13…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: Wilfredo bought a new boat for $21,100. He paid $2,000 for the down payment and financed the rest…

A: Monthly payment The minimum amount required per month to be paid by the person in an account. Note:…

Q: Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the…

A: Data given: P=Loan amount = $ 5,500 r=Rate= 8.11% p.a. Date of the loan = September 7 Date of…

Q: Rebecca borrowed $20 400 from her local credit union to pay for the upgrades in her kitchen. She…

A: Interest on borrowed funds refers to the additional amount charged by a lender for the privilege of…

Q: A friend has $5,000 that has been saved from her part-time job. She will need her money, plus any…

A: When a lender makes a loan to a borrower, he charges an interest rate based on the amount borrowed.…

Q: Alien Jackson has $2,000 on her credit card which charges a 23% interest rate. If she wants to pay…

A: It is a case of amortization of a loan that is to be paid in 4 years on a monthly basis. To repay…

Q: Steve has maxed out his credit card and owes $22,000. The annual interest on   ​his credit card is…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Jennifer Kaufman bought a used Toyota Prius for $16,500. She made a $4,500 down payment and is…

A: First of all we will need to find the loan balance. Loan amount = Car price - Down payment = $16,500…

Q: A woman decides to purchase a $23000 car, and makes down payment of $3500. She arranges to borrow…

A:

Q: If you are trying to build credit by using a credit card, each time you make a pur your checking…

A: Credit card is a system of giving short-term credit to the customers commonly offerred by banks or…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Given: