STATEMENT BALANCE. Your credit card statement period CLOSES on the 1st of every month and a new statement period OPENS on the 2nd , your credit card payments have a DUE DATE on the 15th of every month. You have an APR of 25.99%. 13a) If you made a purchase for a new phone for $270 on November 16th, how many interest free days will you have left? 13b) When will you have to pay for the purchase in full in order to avoid finance charges? (Exact day of the exact month.) 13c) If you can pay only $50 per month, how long would it take for you to pay it off and how much interest would you end up paying for the purchase? (You can use an online calculator on www.Bankrate.com or another online site)

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Q: Currently, your credit card has a balance of $14,000. The credit card has an effective monthly…

A: The number of monthly payments may be calculated through following formula   Present value =…

Q: Mansukh

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A: 1. Given: APR = 21.3% Interest calcualtion: Monthly   To calculate:  Periodic Interest Rate

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Q: Simon recently received a credit card with an 18% nominal interest rate. With the cand, he purchased…

A: Data given: Loan amount=$660 Rate=18% Minimum monthly payment=$10

Q: Mansukhbhai

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Q: You have $4,500 on a credit card that charges a 16% interest rate. If you want to pay off the credit…

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Q: If you’re average daily balance on your credit card in June is $1,200 and your APR is 18%, how much…

A: Here,AverageDaily Balance of Credit Card is $1,200APR is 18%Late Charges is $29

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A: Given, Credit card debt amount is $4000. Annual rate 18% Minimum payment $60.

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A: Variables in the question:12. APR=22.2%13. Average balance for last credit card…

Q: The annual interest rate on a credit card is 13.99%. If a payment of $200.00 is made each month, how…

A: Number of periods, The number of periods is used to calculate the number of years it will take to…

Q: You have a credit card that has a balance of $7590at an APR of 21.99%. You plan to pay $400each…

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A: Monthly Interest rate of old card=18%/12=1.5%Interest payment of old card per month=$30000*1.5%=…

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A: In the realm of personal finance, credit cards play a significant role in managing expenditures and…

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

A:

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A: APR(Annual percentage rate) refers to annual cost paid by the borrower for the loan taken which…

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A: Annual Percentage Rate(APR) is the specified rate of interest charged by any of the authorizing…

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A: Monthly rate = APR /12 = 12.5% / 12 = 1.041667%

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A: Formulas:

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.