II. Solve the following problems involving credit cards. Round your answers to the nearest hundredth. 12. If the APR on a credit card is 22.2%, what is the monthly interest rate? 13. The average daily balance for Dave's last credit card statement was $1,213.44, and he had to pay a finance charge. The APR is 20.4%. a) What is the monthly interest rate? b) What is the finance charge for the month?

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

A: It is a case of the future value of an annuity due where the deposit is done at the beginning of the…

Q: the apr on the card is 12%, and you are not going to use the cardinal paid in full. assume you owe…

A: Credit debt = $1,383 Interest Rate = 12% APR Monthly Payment = 140

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: Mansukhbhai

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

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: Suppose that on Janu If y Calcule When What percentage The monthly payment is Do not round und the…

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

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

A: Compound = monthly = 12 Payment = p = $140 Interest rate = r = 6 / 12 = 0.5% Time = t = 15 months

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: 1. The average daily balance for Maggie Mae's last credit card statement was $1,634.28, and she had…

A: 1. a. APR = 18%    The monthly interest rate for Maggie Mae is  Monthly Interest…

Q: What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest…

A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

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: Question 3 Peter borrows $484466 at nominal interest rate of 6.5% compounded monthly. (For the…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

Q: suppose that you overdrew your bank account by $200. the bank charge you a fee of $30 and your…

A: given: overdraft amount           =$200 bank charge       =$30 number of days               =5…

Q: me that you ave a balance of on your crea month you make only the minimum payment of 5% of the ha

A: The APR offers a uniform method for evaluating loans, enabling borrowers to assess the overall cost…

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: Recently, you made multiple large purchases on your credit card totaling $10,350. The interest rate…

A: Formulas:

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: The finance charges are the charges that credit card company collects from customers on the amount…

Q: I want to borrow $700 for ten days from a payday loan store. Here are the terms for the payday loan:…

A: Pay Day loan: A payday loan is a small personal cash loan at a very high interest rate, secured by…

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: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: Credit card finance charges or interest is the charge that credit card companies impose on the card…

Q: 7. You just received a $1,000 bill for your credit card, which has an annual interest rate of 18%.…

A: Following is the answer to the given question

Q: 5) According to a recent WalletHub report, the average credit card balance is $10,848 per American…

A: Credit card:A credit card is a financial tool that enables individuals to make purchases on credit,…

Q: Recently, you made multiple large purchases on your credit card totaling $17,700. The interest rate…

A: Credit card issuing banks and financial companies allow a person to make purchase and then make the…

Q: (b) With a constant monthly payment of $40 per month, how many years would it take to pay off the…

A: Credit card are very common now days but the charges are very much so one has to very careful when…

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: Using the daily balance method of calculating interest, how much interest will you owe on a $500…

A: Given,  Credit card balance = $500 interest  = 20% = 20/100 = 0.2 time = 3 weeks  = 21/365

Q: 2. Suppose your credit card balance is $1,125. The minimum payment amount is $22, and the annual…

A: The credit card balance payment is done at regular intervals to pay off the loan for a fixed…

Q: Suppose that your bank has a minimum loan charge of $48 when you borrow at 6% ordinary interest for…

A: In contrasts to a fee that the borrower may pay the lender or another party, interest is a payment…

Q: Assume you have a credit card that has a 24% APR and you have an average daily balance of $1,500.00.…

A: Credit cards are payment cards that allow cardholders to borrow money from a financial institution…

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

A: Here's a breakdown of Kathy Lehner's credit card balance, incorporating the interest calculation and…

Q: The annual interest rate on a credit card is ​17.99%. If a payment of ​$400.00 is made each​ month,…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: A particular credit card calculates interest using the unpaid balance method. The monthly interest…

A: Credit card is type of loan facility which is offered by banks and other financial institutions.…

Q: You have an outstanding credit card balance of $2,000. You decide to stop making new charges and pay…

A: Number of months required to pay the amount is calculated using the present value of annuity…

Q: Suppose that on January 1 you have a balance of $2800 on a credit card whose APR is 17%, which you…

A: Compound = monthly = 12Credit card balance=Present Value = PV = $2500APR= 17%Time = t = 1 * 12 = 12

Q: You have just received an offer from a bank for a credit card with a quoted rate, or APR, of 18…

A: In the given question we need to compute the Effective annual rate (EAR).

Q: 8. Kyle used the equation y = predict how much he has to pa a. What is Kyle's original c b. What is…

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