Simon recently received a credit card with a 21%. nominal interest rate. With the card, he purchased on Apple iPhone 11 for $730. The Mimmum payment on the card is only $20 per month VAP

Q: You took a $500 cash advance by using checks linked to your credit card account. The bank charges…

A: Cash advance = $ 500 Cash advance fee = 2% Cash advance fee amount = Cash advance*Cash advance fee…

Q: Juan Pablo borrowed $1500 from a bank for 13 months. The bank discounted the loan at 5.7%. What is…

A: The loan discount refers to the loan in which the borrowers get the money after reducing the…

Q: Explain  well with proper answer.

A: A credit card is a small bank card that is issued by the bank to its customer for granting credit to…

Q: John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did…

A: Ordinary time means day convention of 360 days. Here, the proceed or amount received from bank is…

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 takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months.…

A: A discounted loan is a loan where the borrower has to pay the face value at maturity and receives…

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: Michael has a credit card debt of $70,000 that has a14​% ​APR, compounded monthly. The minimum…

A: Part 2: Explanation:Step 1: Calculate the monthly payment \( P \) for the old credit card with a 14%…

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: My teacher wants us to include our formulas, and factors such as n, I, PMT, FV, and PV

A: The formula used:

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: Anna does not use her credit card for anything else and she pays off the $100 cash advance plus in…

A: Particulars Values Total Cash in advance  $100.00  Interest rate(APR) 18.000% Monthly Payment…

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: 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: 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: Paul and Sandy Moede signed an $8000 note at Citizen's Bank. Citizen's charges a 6.50% discount…

A: Computation of effective rate of interest:Hence, the effective rate of interest is 6.87%.

Q: Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in…

A: Given informationPrincipal = $600 Rate = 0.05645% per day or 0.0005645 Time = 28 days

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: You miss your first payment on the $375 balance. You receive a bill in the mail after 45 days…

A: When you miss your payment, the credit card company charges interest on it. The new balance will be…

Q: Simon recently received a credit card with a 14% nominal interest rate. With the card, he purchased…

A: A credit card is an instrument that provides the holder access to debt capital that they can use…

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: 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) = $…

Q: James deposited $500 in his bank at 4.5% for 90 days. Use the simple interest formula to calculate…

A: Introduction: In simple interest, interest is paid only on the initial investment amount i.e. no…

Q: 15.67 with an APR of 27.8%. I make the minimum payment of $175 a month. How long will it take to pay…

A: The given problem can be solved using NPER function in excel. NPER function computes no. of…

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…

Q: On October 24, you plan to purchase a$1500 computer by using one of your two credit cards. The…

A: As per the information provided: Date Cash flow Net balance 1-Oct 0 0 24-Oct -$1500…

Q: Jason has credit card with the monthly interest rate of 1.3%. His statement from October 10 to…

A: Beginning balance (B0) = $1132 Days from Oct 10 to Nov 10 = 32 Purchase on Oct 17 (P1) = $900 Days…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.