Last month, Kaitlin's average daily balance on her credit card was $1,180.81. The annual interest rate on that credit card is 17.52%. The minimum payment on that card is the interest charge (/= •n) plus 2% of the ending balance or $25, which 365 ever is larger. If there were 31 days in that month and the ending balance was $1,903.31, what would be the minimum payment that Kaitlin could make? O $66.39 O $55.07 $41.19 O $25.00 O $55.64

Last month, Kaitlin's average daily balance on her credit card was $1,180.81. The annual interest rate on that credit card is 17.52%. The minimum payment on that card is the interest charge (/= •n) plus 2% of the ending balance or $25, which 365 ever is larger. If there were 31 days in that month and the ending balance was $1,903.31, what would be the minimum payment that Kaitlin could make? O $66.39 O $55.07 $41.19 O $25.00 O $55.64

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

You have a $22,000 credit card balance with an APR of 16.9%, compounded monthly, and you can afford to pay $400 per month to pay down your credit card. How long in months would it take you to pay off this balance?
Your credit card APR is 10 %. If your average daily balance this month was $ 9459, what will your interest (finance) charges be this month? The monthly finance charge will be $
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 17 months? (Round your answer to the nearest cent.)
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $590 per month. You will charge .99 percent per month interest on the overdue balance. If the current balance is $14,810, how long will it take for the account to be paid off? Number of months:
John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 14 days his balance was $2,536.28. For 7 days the balance was $1,536.28. And for 8 days the balance was $1,807.15. Find the average daily balance. Find the amount of interest. The average daily balance is $ The amount of interest is $ (Round to the nearest cent as needed.) ...
John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 30 days. For 17 days his balance was $2,536.51. For 7 days the balance was $1,536.51. And for 6 days the balance was $1,895.33. Find the average daily balance. Find the amount of interest.
Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the same time you charge an additional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend t the debt is paid off. How long does it take to pay off the credit card debt?
Last month, Kaitlin's average daily balance on her credit card was $1,967.44. The annual interest rate on that credit card is 16.77%. The minimum payment on that card is the interest charge ( /= B - n) plus 3% of the ending balance or $25, which 365 ever is larger. If there were 31 days in that month and the ending balance was $2,581.05, what would be the balance on her credit card after she made that payment for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 1289.65
narubhai
Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest rate on that credit card is 18.36%. The minimum payment on that card is the interest charge ( 365 n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $2,834.4, what would be the balance on her credit card after she made that payment for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 1289.65