rachel has a new credit card with an apr of 14.99% and a credit limit of $1600. the minimum monthly payment is 3% of the new balance. if rachel purchases @250 in fishing supplies athe the beginning of the month, what will be rachels new balance at the end of the month?

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

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Q: will be received and posted on the 10th of each month. No other charges will be made on the account.…

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A:

Q: 17. In January, Joanna deposited $250 into her savings account. In February, she deposited an…

A: Solution:- When an amount is invested somewhere, it earns interest.

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Q: Jason has a credit card with an APR of 29.5% and a current balance of $13,150.35. He wants to pay it…

A: APR = 29.5% Monthly interest rate (r) = 29.5%/12 = 2.45833333333333% Current balance (PV) = $…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.