You have a credit card with an APR of 20%. The minimum payment is 12% of the balance. Suppose you have a balance of $1000. You decide to stop chun minimum payment. Complete the table. (Round your answers to the nearest cont.) Finance Charge (4) Month 1 Month 2 Previous Balance Purchases (+) 0 Payments () New Balance
Q: Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you…
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A: APR is the annual interest rate. It's like the annual fee for your borrowing. exist In other words,…
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 have a credit card with an APR of 22.8%. You begin with a balance of $1500, in response to which…
A: The interest on the credit card is charged monthly. The amount of payment reduces the outstanding…
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: 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: Paying off a Discover card. Assume that you have a balance of $3000 on your Discover credit card and…
A: Here, Balance of the card is $3000 APR is 21% Minimum Payment is 2%
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Credit card refers to the instrument of finance that is being provided by banks of financial…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Periodic rate = 14%/12months =1.17%
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Finance charge refers to the amount that is billed to the card account if the previous month’s total…
Q: You owe $1,032.56 on a credit card with an 11.25% APR. The minimum due is $150.00. What is the…
A: Interest amount refers to the minimum cost to be charged over the investment made by the investors…
Q: Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous…
A: New balance is calculated by taking into consideration the previous balance and all the balance…
Q: 1.) You have a credit card with an APR of 24%. You begin with a balance of $620. In the first month…
A: “Since you have posted multiple questions, we will solve the first question for you. If you want any…
Q: You pay off your full credit card bill every month. Should you ever borrow up to your credit limit?…
A: Credit card is referred to as the card, which used to allow the person to borrow the funds for…
Q: Find the following. (Round your answers to the nearest cent.) Finance Charge Number of Payments…
A: Finance charge is an additional amount which is paid on borrowed amount. It is expenses for the…
Q: Suppose that on January 1 you have a balance of $2500 on a credit card whose APR is 13%, which you…
A: Compound = monthly = 12 Present Value = pv = $2500 Interest rate = r = 13/12% Time = t = 1 * 12 = 12
Q: Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit card…
A: Present Value (PV) = $4200 No. of years = 3 Interest Rate = 18% Monthly Compounding = 12 Interest…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: No.of days for a payment to be received and recorded = 10 days Balance = $200 Interest rate = 17%…
Q: Suppose that on January 1 you have a balance of $2800 on a credit card whose APR is 17%, which you…
A: Compound = monthly = 12Credit card balance=Present Value = PV = $2500APR= 17%Time = t = 1 * 12 = 12
Q: Assume that you start with a balance of $3900 on your credit card. During the first month, you…
A: It is a case where the month-end closing balance of the credit card is required to be calculated for…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Information Provided: Balance = $400 Rate = 16% Payment = $50 Days it take for payment = 10 Days
Q: Suppose that on January 1 you have a balance of $3800 on a credit card whose APR is 13%, which you…
A: Loan balance (P) = $3800Monthly interest rate (r) = 0.0108333333333333 (i.e. 0.13 / 12)Number of…
Q: Suppose that on January 1 you have a balance of $5300 on a credit card whose APR is 13%, which you…
A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: As per previous balance method, the interest is ascertained on the outstanding balance at the end of…
Q: Match the following credit terms with the correct description. APR [Choose ] [Choose Known as the…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
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- Find the following. (Round your answers to the nearest cent.) FinanceCharge Number ofPayments Frequency Amount Number ofPayments Left $9.10 12 Monthly $15 5 (b) the amount needed to pay off the loanUse PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)You owe $2,500 in 5 months and $4,750 in 15 months. Your creditor has agreed to let you make one interest rate and a Focal Point Now. What single cash payment will make? single cash payment NOW using a 4% simple Round Each calculation to the nearest penny (even if zero), USE dollar signs, USE commas if and where needed I
- suppose that you overdrew your bank account by $200. the bank charge you a fee of $30 and your paycheck will be deposited in 5 to cover the overdraft. please calculate the period rate apr and aer that you pay for this overdrewSuppose you borrow from a bank $1,756.06 today (t=0). You agree to pay back $3,637.64 in 4 years (t=4). The interest rate (%) that the bank charge you is closest to ________%. Input your answer without the % sign and round your answer to two decimal places.4) You borrow $2500 on September 3rd this year. Your demand loan carries an interest rate of 7.46%. You make partial payments of $500 on October 15th and $1575 on November 17th, You want to make a final payment of the remaining outstanding balance on November 30tn. What is the size of your final payment? Use the declining balance method. A) $450.02 B) $399.76 C) $612.84 D) $851.11 E) $449
- Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of S$3600 and an annual interest rate of 12%. You decide to pay off the balance over five years. If there are no further purchases charg -nt7 1- 1+ a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately S- (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 5 years is approximately S (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxes← Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $3600 and an annual interest rate of 16% With no further 1- purchases charged to the card and the balance being paid off over three years, the monthly payment is $127, and the total interest paid is $972. You can get a bank loan at 8.5% with a term of four years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed) This is 5 A. The monthly payments for the bank loan are approximately $ OB. The monthly payments for the bank loan are approximately $ This is 5 less than the monthly credit card payments more than the monthly credit card paymentssite, find another.) Type in a home price of $300,000. Leaving all other entries as they are, enter an interest of 3%. Then change it to 4%. Then change it to 5%. Record the monthly payment readouts for each interest rate. Be careful with your calculations below and accurate with your research so that this assignment is useful! 1a. What was the monthly payment fference cost between the 3% and 5% loans? 1b. Multiply that monthly cost difference by 360 (the number of months in a 30 year home loan). What is the result? This is what a borrower may be paying MORE than someone else over the life of that loan due to credit. 1c. Why are customers with high credit scores given loans with lower interest rates? Reference the notes above for help here. 1d. What does this research tell you about the importance of maintaining a "good" credit score (as best as
- Please answer fast i give you upvote.If you owe $5,000 on a credit card that charges 18.99% apr and you decide to put no more charges on the account until it is paid off, how much money will you save if you make $200 payments vs $150 payments?Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of - nt 1- + n $4500 and an annual interest rate of 18%. With no further purchases charged to the card and the balance being paid off over four years, the monthly payment is $132, and the total interest paid is $1836. You can get a bank loan at 10.5% with a term of five years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) O A. The monthly payments for the bank loan are approximately $ This is $ more than the monthly credit-card payments. O B. The monthly payments for the bank loan are approximately $ This is $ less than the monthly credit-card payments. b. How much total interest will you pay? How does this compare with…