You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. How much will you owe on the credit card if you have not made a payment for 6 months? How much interest will have accrued? What will be the effective rate of interest after the 6 months?

Q: I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest…

A: We need to use simple interest formula below to calculate interest or discount on loan.Simple…

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Q: You have taken out a loan to help with college expenses. The interest rate is 0.4% per month. The…

A: Information given in question ÷ Interest rate is 0.4% per month Monthly interest payment = 80

Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…

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Q: Diane Van Os decided to buy a new car since her credit union was offering such low interest rates.…

A: Time (T) = Number of exact time / 365.Number of exact time = Dec 14 2016 to March 15 2018.= 17 days…

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

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: Many consumers carry a balance each month on their credit cards and make minimal payments towards…

A: Monthly payment (M) = $251.22 Interest rate = 23.77% compounded daily n = 6 years = 72 payments

Q: A recent college graduate got a good job and began a savings account. He authorized the bank to…

A: Amount of the present cash flows at a given rate when computed by the future value (FV) factor gives…

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Q: You are purchasing a lawnmower and the salesperson is trying to convince you to buy an extended…

A: Here, Cost of warranty Today is $500 Credit from sales person at the end of two years is 4100…

Q: Bobby irsh has an account with $1,000. It earns 7.4% compounded monthly. No money is added to his…

A: The concept of time value of money will be used and applied. To compute the future value we compound…

Q: How much was the check he gave to the bank for payment?

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

Q: ou make a one time 2000 deposit into an account which pays an annual interest rate of 1.7 compounded…

A: the final balance in the account will be the future value of the amount 2000 along with the interest…

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

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: Your grandfather put some money into an account for you on the day you were born. You are now 18…

A: It represents the expected amount or value of the current asset at a future date. It is estimated by…

Q: Phoebe realizes that she has charged too much on her credit card and has racked up $5,100 in debt.…

A: The present value monthly payments will be equal to the value of debt. We can use NPER function in…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: months, Paola has deposited $1,000 every two weeks in a bank that pays 0.5% compounded bi-weekly on…

A: Future value money is the amount of deposit done and plus amount of interest accumulated over that…

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A: Minimum Monthly Payment: It is  is the lowest amount a customer   should pay  to credit card…

Q: Trina Alcala deposited $1,950 in a new credit union savingsaccount on the first of the quarter. The…

A: To calculate the amount in Trina's account at the end of 6 months, we need to use the following…

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A: The interest are paid in the form of discount to the original amount but overall effective rate is…

Q: 0. I have $72,000 in my bank account today. The bank manager told me that I will have $100,000 money…

A: We will use the below formula to calculate the interest rate (APR)     APR = (FV/PV)1/n-1 Where FV -…

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: Suppose that you charged $8430 on a credit card to relocate for your first job. When you realized…

A:

Q: A career counselor decides to make monthly payments of $150 on credit card debt of $3,496.55 and…

A: Required :To compute the number of fewer payments if monthly payments are increased to $200.

Q: You have $5500 in credit card bills at an annual interest rate of 26%. You have not made a payment…

A: The objective of the question is to calculate the total amount owed on a credit card bill after two…

Q: You withdrew $21218 from your line of credit 3.5 years ago at an interest rate of 4% compounded…

A: FUTURE VALUE Future Value is the value of Current asset as on any future date. Future Value =…

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A: Rate of price appreciation will be the difference between market return by stock and dividend yield…

Q: You have a loan outstanding. It requires making nine annual payments of $8,000 each at the end of…

A: A loan refers to a contract between two parties where one party forwards money to the other party on…

Q: You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6…

A: A credit card is a financial tool that allows individuals to borrow funds from a financial…

Q: 9. Liam borrowed $12,500 for 5 months from a bank using a 2% discount note. a) How much interest did…

A: Loan Amount = $12,500 Time period = 5 months  Discount rate = 2%

Q: You currently work part-time making $1,500 per month. You have $1,000 in your bank account and drive…

A: Net worth is an important financial metric for individuals. It helps us to determine the financial…

Q: Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to…

A: Actual amount received = P 1340 Discount rate = 13.73%