Suppose that on January 1 you have a balance of $4,500 on a credit card whose APR is 16%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. A) Calculate your monthly payments. B) When the card is paid off, how much will you have paid since January 1? C) What percentage of your total payment from part B) is interest?
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- Suppose that on January 1 you have a balance of $5300 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? . a. The monthly payment is (Do not round until the final answer. Then round to the nearest cent as needed.)Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? ... a. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $. (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
- NoneOne of your customers is delinquent on his accounts payable balance. You've mutally agreed to a repayment schedule of $520 per month. You will charge .92 percetn per month interest on the overdue balance. If the current balance is $14740, how long will it take for teh account to be paid off?You have a balance of $400 on your credit card and make no more charges. Assume that the card carries an APR of 18%. Suppose you wish to pay off the card in six months by making equal payments each month. What is your monthly payment?
- You owe $1,032.56 on a credit card with an 11.25% APR. The minimum due is $150.00. What is the difference in the interest accrued if you pay the minimum amount due at the beginning of the month versus at the end of the month? Using the credit card information from above, you decide to pay $300.00 instead of $150.00 at the beginning of the month. How much do you save in interest by doubling the amount?Answer the following (up to two decimal points) by showing the working calculation. The rates of the months for 2018 are shown in the table below. There are 28 days in February and assume you withdraw hibah at the end of each month. Any positive or negative increment in the monthly rates shown is based on the basic rate. You open a new wadiah account with a deposit of RM5000 on 28.01.2018. You deposit another RM1000 and RM5500 on 13.02.2018 and 30.03.2018 respectively. Again, you deposit another RM1550 on 31.05.2018. Then, you deposit another RM8500 on 10.06.2018 but withdraw RM5000 on 28.06.2018. On 15.12.2018, you withdraw another RM2000 from the account and then withdraw again another RM3250 on 28.12.2018. What will be your total hibah on 30.12.2018? Table 1: Monthly rates Month Rate (%) Jan 4.00%* Feb +0.00% March +0.10% April -0.10% May +0.10% June +0.20% July -0.10% Aug +0.20% Sept +0.10% Oct +0.20% Nov -0.10% Dec +0.00% * Basic rate 2. Suggest two (2) financial instruments or…whats the answer to number 1?
- You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will pay it off after making 96 payments. How much total interest will you pay?You have a balance of $9700 for your tuition on your American Express credit card. Assume that you take no more charges on the card. Also assume that American Express charges 13% APR and that each month you make only the minimum payment of 4% of the balance. What will the balance be after 32 months? At what balance do you begin making payments of $60.00 or less? How long will it take to get the balance below $50?If you’re average daily balance on your credit card in June is $1,200 and your APR is 18%, how much interest do you pay the next billing cycle? If you also incurred a $29 late charge, what is now your effective interest rate?