the apr on the card is 12%, and you are not going to use the cardinal paid in full. assume you owe $1383. your monthly payment is 1/40 of you balance, $20. 1- how long it will take you to pay of the credit card debt? 2- how much interest over the course of your

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

Q: f your credit card calculates interest based on 17.35​% ​APR, compounded quarterly ​: a) What are…

A: The effective annual rate of interest is the real return on the savings account when the effects of…

Q: One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a…

A: The time value of money is a concept in finance that recognizes the idea that a sum of money has…

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: A particular credit card calculates interest using the unpaid balance method. The monthly interest…

A: Interest is an amount charged for borrowing or lending money. Interest is calculated based on the…

Q: You have credit card debt of $1,000 at 20% APR compounded monthly. If you charge no more purchases…

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Q: You have credit card debt of $37,500 that has an APR (monthly compounding) of 15%. Each month you…

A: APR of old card = 15%APR of New Card = 12%Number of months in year = 12(i)Monthly Interest rate of…

Q: You have credit card debt of $2420 on your card. You receive an offer to transfer this debt to a new…

A: Monthly interest payment is determined by the interest charged on the principal amount on monthly…

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Q: You have a balance of $7500 on your credit card and you make no further charges. If your APR is…

A: Data given: Balance on credit card = $7500 APR=12.5% Minimum payment = 5% of balance t=24 months…

Q: )If your credit card calculates interest based on 17.35​% ​APR, compounded quarterly ​: a) What are…

A: The effective annual rate is the actual rate of interest a loan will charge in a year after taking…

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

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: how long will it take for teh account to be paid off?

A: Formula for loan amortization A= [i*P*(1+i)^n]/[(1+i)^n-1] Formula for calculating number of…

Q: II. Solve the following problems involving credit cards. Round your answers to the nearest…

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Q: Give typing answer with explanation and conclusion You have a balance of $9700 for your tuition on…

A: Here,Balance of the card is $9700APR is 13%Minimum Payment is 4%

Q: You took a $300 cash advance by using checks linked to your credit card account. The bank charges…

A: Given, Cash received as advance = $300 Bank charges = 1% on cash advance APR = 20%

Q: You have credit card debt of $30,000 that has an APR (monthly compounding) of 15%. Each month you…

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

Q: suppose that you overdrew your bank account by $200. the bank charge you a fee of $30 and your…

A: given: overdraft amount           =$200 bank charge       =$30 number of days               =5…

Q: me that you ave a balance of on your crea month you make only the minimum payment of 5% of the ha

A: The APR offers a uniform method for evaluating loans, enabling borrowers to assess the overall cost…

Q: Do you have a total credit card debt of $6000 you receive an offer to transfer this debt to a new…

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

Q: You have a balance of $7500 on your credit card and you make no further charges. If your APR is…

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

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: Suppose you have a balance of $15000 on your credit card, which has an of APR 24% and requires a…

A: Honor code: Since you have posted multiple questions at once we will solve the first one for you. To…

Q: You have an account with a $1000 credit limit that charges 12.25% interest using the average daily…

A: In credit cards they are charged based on the daily balance and there is need of daily balance and…

Q: You have a credit card with an APR of 24%. The card requires a minimum monthly payment of 8% of the…

A: APR  Annual Percentage Rate):The APR is the annualized representation of the interest rate on a…

Q: How much interest will you have to pay for a credit card balance of $757 that is 1 month overdue, if…

A: Given, Credit Card Balance = $757 Annual Rate charged = 23%

Q: 7. You just received a $1,000 bill for your credit card, which has an annual interest rate of 18%.…

A: Following is the answer to the given question

Q: Find a formula for the balance 8 after t monthly payments.

A:

Q: 11. Suppose you have a balance of $5400 on your credit card, which charges an APR of 18%. If you…

A: Monthly payment refers to an amount that is paid at every month for the repayment of loan amount…

Q: You have a credit card with an APR of 20%. The minimum payment is 12% of the balance. Suppose you…

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Q: You owe $7200 on a credit card, your company says the minimum payment is 3% of what you owe. How…

A: The amount owed is $7200 APR of 22% The minimum payment is 3% To Find: Time period

Q: You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will…

A: Charge of credit card = 3172 Minimum monthly payment = 46.69 N = 96 payments

Q: Using the daily balance method of calculating interest, how much interest will you owe on a $500…

A: Given,  Credit card balance = $500 interest  = 20% = 20/100 = 0.2 time = 3 weeks  = 21/365

Q: You owe $12,500 on your credit card. Horrified, you decide to make no more purchases and make…

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Q: Assume you have a credit card that has a 24% APR and you have an average daily balance of $1,500.00.…

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Q: The annual interest rate on a credit card is ​17.99%. If a payment of ​$400.00 is made each​ month,…

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Q: A particular credit card calculates interest using the unpaid balance method. The monthly interest…

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