The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

Question

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Answer 1

Question

Chapter 13.2, Problem 49E

(a)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

(b)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charging no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

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Answer 2

Question

Chapter 13.2, Problem 49E

(a)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

(b)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charging no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

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Answer 3

Question

Chapter 13.2, Problem 49E

(a)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

(b)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charging no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

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Answer 4

Question

Chapter 13.2, Problem 49E

(a)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

(b)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charging no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

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Answer 5

Chapter 13.2, Problem 49E

(a)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

(b)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charging no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

Answer 6

Chapter 13.2, Problem 49E

(a)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

Answer 7

Chapter 13.2, Problem 49E

(a)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charges no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

Answer 8

(b)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charging no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

Answer 9

(b)

To determine

To calculate: The total yearly cost to use the card if Ruby chooses bank A when Ruby is considering 2 bank cards that are similar in all respects except Bank A charging no annual fees but the monthly interest is 1.18% on unpaid balance, whereas bank B charges $30 as an annual fee and a 1.01% is charged as monthly interest on unpaid balance and unpaid balance is $900.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...

Solution Summary: The author calculates the total yearly cost to use the card if Ruby chooses bank A.

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