Calculate the monthly percentage rate and determine how much of the first $125 minimum payment will go towards interest and how much will go towards reducing the balance on the card.

Q: Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to…

A: Deposit amount (PV)=$5,000 Duration (n)=44 months and 12 days Rate of interest (i)=0.0033

Q: Can you please explain in detail how to work out this problem?   Lane French had a bad credit rating…

A: Calculate the interest amount as follows: Interest amount = Loan repaid - Loan taken Interest amount…

Q: Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If…

A: Given ,Present value (PV) = $5,400Monthly payment = $125Interest rate = 0.18 / 12 = 0.015AB1Present…

Q: You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6…

A: Effective rate of interest The real return you get from an investment when compounding is taken…

Q: Bid rigging and kickbacks create unfair and uncompetitive bidding processes which may result in…

A: we will explore control activities aimed at addressing the risk of bid rigging and kickbacks in the…

Q: Sam takes out a bank loan for $12750 that he will repay with 13 monthly payments at j1 = 5.25%. Sam…

A:

Q: Beth has a no-annual-fee Visa credit card that charges an APR of 12.5% per year. Interest is…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Henry's monthly minimum credit card payment is calculated by first applying 17% APR which is…

A: Monthly payment refers to the amount to be paid every month for the repayment of loan payment…

Q: Your paycheck was just deposited and you noticed that had overdrawn your bank account 10 days ago.…

A: The problem case focuses on calculating the effective annual rate charged for the overdraft…

Q: Diane Van Os decided to buy a new car since her credit union was offering such low interest rates.…

A: Time (T) = Number of exact time / 365.Number of exact time = Dec 14 2016 to March 15 2018.= 17 days…

Q: You have credit card debt of $2420 on your card. You receive an offer to transfer this debt to a new…

A: Monthly interest payment is determined by the interest charged on the principal amount on monthly…

Q: Many consumers carry a balance each month on their credit cards and make minimal payments towards…

A: Monthly payment (M) = $251.22 Interest rate = 23.77% compounded daily n = 6 years = 72 payments

Q: A recent college graduate got a good job and began a savings account. He authorized the bank to…

A: Amount of the present cash flows at a given rate when computed by the future value (FV) factor gives…

Q: Mansukhbhai

A: The objective of this question is to find out how many months it will take to pay off an unpaid…

Q: when automatic payments would make the value of the account zero. In Exercises 9-14, each person…

A: No Interest Rate Inputs to Question 1 Deposit in account = 1600 Monthly Payments = 400 Future Value…

Q: Johnny Rockefeller had a bad credit rating and went to a local cash center. He took out a $100.00…

A: The loan amount is $100 The maturity Value is $111.50 The time period is 2 weeks To Find:…

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

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: Steven is beginning a new job but has not yet been paid. He needs $700 to pay his rent this month.…

A: Effective Annual Interest Rate (EAR), also known as the annual equivalent rate (AER) or annual…

Q: Phoebe realizes that she has charged too much on her credit card and has racked up $5,100 in debt.…

A: The present value monthly payments will be equal to the value of debt. We can use NPER function in…

Q: Brandon has reached his credit card limit of $5000.00. Using an online calculator, Brandon…

A: When an investor borrowing money for the purpose of meet the obligations then, the cost that charged…

Q: Your roommate let you borrow $211 to buy the PS52 months ago. You just paid him back today and gave…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: the card again. Given the following table, determine the value of Estuardo's initial purchase. The…

A: Credit card is a financial tool or instrument that is being used by account holders or individuals…

Q: Alev has a $300 balance on her credit card that she forgot about. Each month, the balance increases…

A: 1. Meaning of Compound interest: Compound interest is the interest on a deposit/ borrowing / loan…

Q: Simon recently received a credit card with a 21% nominal interest rate. With the card, he purchased…

A: Loans are paid by equal fixed payments and these payments carry the payments for interest and…

Q: You ran a little short on your spring break vacation, so you put $2,000 on your credit card. You can…

A: Banks issue credit cards to its customers. The customers use the credit cards for making purchases,…

Q: Due to poor spending habits, Ricky has accumulated $10,000 in credit card debt. He has missed…

A: Solution:- When an amount is paid each period, it is known as annuity.  We know,  Present value of…

Q: Which credit card should he choose? his total anual expense for card A will be ? round to the…

A: Given:Card ACard BAPR22%22%Annual Fee ($)040Monthly balance ($)699699

Q: Lokalalo has plenty of customers, who because of the nature and price of the work these customers…

A: Lokalalo has plenty of customers, who because of the nature and price of the work these customers…

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

Q: Matt Wilson has decided to finally pay off his credit card. He currently owes $6,500 and he has…

A: In this question payment is done on monthly basis but interest is compounded weekly. To solve the…

Q: Kenny realizes that he totally forgot about a credit card that he made some charges to a few months…

A: Here, Current Balance of the Card is $1,790 APR is 19.98% Minimum Payment per month is $30

Q: Mr. Smith did not pay his full credit card balance on June 5th, the due date each month for payment.…

A: Interest charge refers to an amount that is being charged on the balance amount over the period that…

Q: Flip opened a credit card account. During the first month he purchased new cloths that totaled…

A: Purchase made on credit card: $1,505.57.Monthly decrease in balance: 1.9%

Q: you have a job, working for Big Stuff. Today, you worked four hours and expect to be paid next week…

A: Base Method The acronym BASE stands for Start, Modifications, Total price, and Closing and refers to…

Q: Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If…

A: Annuity refers to a regular stream of cash flows which occurs over a definite period. If it occurs…

Q: Boomer Company reported sales revenue of $500,000 and total expenses of $450,000 (including…

A: Net Income = sales revenue - total expenses  = $500,000 - $450,000 = $50,000

Q: APR stands for Annual Percentage Rate. It is the total interest rate for the entire year. However,…

A: The Annual Percentage Rate (APR) is the interest rate for the entire year. However, credit card…

Q: A career counselor decides to make monthly payments of $150 on credit card debt of $3,496.55 and…

A: Required :To compute the number of fewer payments if monthly payments are increased to $200.

Q: amila Martinez has several credit cards, on which she is carrying a total current balance of $6,500.…

A: Considering the balance transfer by Zoe to the new credit card that offers interest rate i.e. 0% on…