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: 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: 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: Determine the cost of a Payday loan. Homer Simpson had a rough few months. He fell behind on his…

A: As per the given information: Amount borrowed - $3000Fees charged by payday loan - $450 To…

Q: Helen recently received a credit card with a nominal interest rate of 21 percent.  With the card,…

A: We can determine the time taken for Helen to repay back the loan by rearranging the PV of ordinary…

Q: Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the…

A: Given information: Limit of credit card : $1,000 Usage : Month 1-$150, Month 2-$200, Month 3-$199…

Q: Which of the following will likely lower your credit score? A) all of your accounts date back five…

A:

Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…

A: Card Balance is $2088.74 APR is 28.99% Minimum payment rate is 3.9%   To Find: Minimum Payment…

Q: Recently, you made multiple large purchases on your credit card totaling $17,300. The interest rate…

A: Given The Purchases are $17300 Interest rate is 15.4%

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

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

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: 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: 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: For the best terms on a loan or credit card, you need a credit score above 720. To achieve this,…

A: Add On Interest MethodThe add-on interest method is a way of calculating interest on a loan by…

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

A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…

Q: How many months does it take to pay off the card, and what is the total amount paid including…

A: APR is the annual interest rate. It's like the annual fee for your borrowing. exist In other words,…

Q: A new employee charged $6740 on his credit card to relocate for his first job. After noticing that…

A: Monthly payments refer to the amount that is paid every month for the repayment of the loan amount…

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: Christopher just received his checking account statement from his bank. He has a NOW account with…

A: Financial planning involves setting goals, assessing current financial status, and creating…

Q: A career counselor decides to make monthly payments of $150 on credit card debt of $3,475.58 and…

A:

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

A: Credit cards are used by all now days and paid by monthly payments that carry payment for interest…

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: simon's cost for a new computer with accessories was $3120. he made a down payment of $550 in…

A: Company would be paying the interest on the amount borrowed for the purpose of paying late. The more…

Q: What would Jerrod's finance charges be for the month?

A: A credit card is a type of financial instrument that permits users to borrow money for purchases or…

Q: a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up…

A: Credit card provides a maximum limit of credit that the person can withdraw from the bank and pay…

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: 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: 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: Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day…

A: A credit card is a financial service offered by banks and other financial institutions to their…

Q: Christopher just received his checking account statement from his bank. He has a NOW account with…

A: Cash management refers to the efficient and strategic handling of an individual's or a business's…

Q: It took her 9 more months but Marina has managed to save the full $725 plus more to cover fees to…

A: Loan = 725 N = 275 days Annual percentage rate = 47% Compounded Daily Number of compounding periods…

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: 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment…

A: To find out the amount owed, closing balance needs to be added with monthly finance charge.

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

A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.

Q: A new employee charged $5230 on his credit card to relocate for his first job. After noticing that…

A: a). Monthly payment to payoff his balance value is calculated using following equation Periodic…

Q: A career counselor decides to make monthly payments of $150 on credit card debt of $3,496.46 and…

A: Given:  Monthly payment =$150  Credit card debt = $3,496.46, Monthly Interest rate, r = 1.85%…

Q: You have a balance of $9700 for your tuition on your American Express credit card. Assume that you…

A: Here,Balance of the card is $9700APR is 13%Minimum Payment is 4%

Q: Hazelnut just bought a new cracker. To pay for the cracker, the company took out a loan that…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

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

A: Finance Charge is the amount of interest being charged on the borrowed amount from the lenders.

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…