You had a balance of $2,100 last month after your payment on your credit card. You charged one pair of shoes on the 10th for $210. Your card has a minimum finance charge fee of $5 per month and an APR of 8%. What is your total balance due this period if the card's fees are calculated via the adjusted balance method? Total balance due $ 2,319
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- A particular credit card calculates interest using the unpaid balance method. The monthly interest rate is 1.57% on the unpaid balance on the first day of the billing period minus any payment. At the beginning of the month you owed $1352. You made a payment of $300. a) During the month you bought theatre tickets for $37, went out to eat for $80, and bought a television for $350. What's your new balance (include what your balance was after your payment + new purchases + finance charges)?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?You have maxed out your credit card and owe $5,100. Its interest rate is 21%. Each month, you make the minimum required payment of $31. (Round your answers to the nearest cent.) (a) During the September 20 through October 19 billing period, you pay the minimum required payment on October 1. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (b) During the October 20 through November 19 billing period, you pay the minimum required payment on November 11. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (c) During the November 20 through December 19 billing period, you pay the minimum required payment on November 30. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (d) Discuss the impact of making the…
- On May 1, the balance on your credit card is $573.26. On May 6, you make a purchase for $102.55. On May 9, you make a payment of $300. On May 17, you make a purchase for $22.16, and on May 28, you make a purchase for $41.78. Assume the billing date is the 1st of the month and the monthly finance charge is 2%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $On November 1, the balance on your credit card is $533.76. On November 6, you make a purchase for $49.30. On November 8, you make a payment of $155. On November 12, you make a purchase for $76.51, and on November 25, you make a purchase for $32.64. Assume the billing date is the 1st of the month and the monthly finance charge is 1.7%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $A particular credit card calculates interest using the unpaid balance method. The monthly interest rate is 1.57% on the unpaid balance on the first day of the billing period minus any payment. At the beginning of the month you owed $1352. You made a payment of $300. a) Find the interest I=prt (this time t is for one month)
- Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $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.)You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of $200, in response to which you make a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the new balance, and the second month you charge $60. Previous balances, payments and purchases for the months 1 and 2 are given in the table below: Month Previous Balance Payment Purchases Finance Charge New Balance 1 $200 $75 $50 a:$ b:$ 2 $ $75 $60 c:$ d:$
- The previous statement for your credit card had a balance of $570. You make purchases of $130 make a payment of $80. The credit card had an APR of 24%. What is the finance charge for this month?Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transactions. Last month's balance: $470 Last payment: $60 Annual Interest rate: 21% Purchases: $768 Returns: $467You have a credit card with a balance of $1,367.90 at 9.5% APR. You pay $400.00 each month on due date until the card is paid off. How many months does it take to pay off the card