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?

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: Assume that you have a balance of $4900 on your Discover credit card and you make no more charges.…

A: A credit card refers to a debt instrument that allows the holder to access funds that they repay at…

Q: Helen recently received a credit card with a nominal interest rate of 21 percent.  With the card,…

A: We can determine the time taken for Helen to repay back the loan by rearranging the PV of ordinary…

Q: Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the…

A: Given information: Limit of credit card : $1,000 Usage : Month 1-$150, Month 2-$200, Month 3-$199…

Q: Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you…

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

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

A: Borrowings are the liability of the borrower which is used to finance the requirement of the funds.…

Q: Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid…

A: Credit cards are used very often now days and credit cards are used for short term credits.Balance…

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: Assume that you have a balance of $2800 on your MasterCard and that you make no more charges. Assume…

A: Given information: Loan balance is $2,800 APR is 12% Minimum payment is 6% of balance

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…

Q: How many months does it take to pay off the card, and what is the total amount paid including…

A: APR is the annual interest rate. It's like the annual fee for your borrowing. exist In other words,…

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: 7) You have a balance of $10,000 for your tuition on your credit card and you make no further…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Peyton has a Home Depot credit card. The card has a balance of $4456.39 with an APR of 28.79%. The…

A: Here, Card Balance is $4,456.39 APR is 28.79% Minimum Payment is 3.8% of the Balance.

Q: You have a balance of $8,000 on your credit card.  The interest rate is 19% per year.  You want to…

A: Solution:- When an amount is due for repayment, it can either be repaid as a lump sum payment or in…

Q: A career counselor decides to make monthly payments of $150 on credit card debt of $3489.64 and…

A: The formula to calculate number of months is given below:

Q: ou could earn 3% on your money in your checking account, as long as the minimum balance does not…

A: The cost of checking account is the total cost which one has to bear for not maintaining the minimum…

Q: You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you…

A: Given Information: APR is 36% Credit amount is $800 Minimum payment is 10% on balance

Q: Suppose Olivia has $6,660 in credit card debt on the VB credit card which has annual interest rate…

A: A credit card outstanding is subjected to annual interest rate of 18.2% on the first card, and 0% on…

Q: You want to withdraw $ 54,777 from your account at the end of one year and $ 10,521 at the end of…

A: As per the given information:Withdrawals at the end of the one year = $54,777Withdrawals at the end…

Q: Your credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off…

A: Balance amount=$4100 Interest rate=15% Time period=3 years 3 years monthly payment=$142.13 3 years…

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 have a balance of $12,000 for your tuition on your American Express credit card. Assume that you…

A: Minimum payment refers to the amount that remains at the end of each month for maintaining the…

Q: ssume that you have a balance of $4600 on your Discover credit card and that you make no more…

A: Credit cards are financial instruments that allow users to borrow funds up to a predetermined limit…

Q: Suppose I have a balance of $4500 on my Bank of America credit card.  Assume the interest rate on my…

A: Payment is made monthly, hence it is a question of annuity. Annuity means number of payments which…

Q: You have just entered college and have decided to pay for your living expenses using a credit card…

A: An equal amount paid each period is known as annuity. The future value is the accumulated value of…

Q: Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a…

A: Credit cards refer to debt instruments that are provided by financial institutions to individuals…

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

A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.

Q: You have a credit card that has a balance of $6400 at an APR of 13.49%. You plan to pay $300 each…

A: The objective of the question is to determine the number of months it will take to pay off a credit…

Q: You just bought a new TV for $2,559.72 on your credit card; assume no other purchases The APR is 18%…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

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