Credit Card Debt2.) At the end of January your credit card balance is $3575.00. The bank that issues your creditcard charges an annual interest rate of 15.49%. Use the simple interest formula to fill in theremainder of the table. For each row t= 1/12 year.MonthPaymentInterestPrincipalBalanceXXXX$3575.00XX00XXXXXXXX XXXXXXXXXXX0XXXXX$45.88January$454.12$3120.88February$500March$500April$500May$500

Answered: Image /qna-images/answer/03ed2c23-b28c-4624-a500-741564d08cd2.jpg

Credit Card Debt 2.) At the end of January your credit card balance is $3575.00. The bank that issues your credit card charges an annual interest rate of 15.4%. Use the simple interest formula to fil in the remainder of the table. For each row t= 1/12 year. Month Payment Interest Principal Balance $3575.00 January XX00 February $500 $45.88 $454.12 $3120.88 March $500 April $500 May $500

Credit Card Debt 2.) At the end of January your credit card balance is $3575.00. The bank that issues your credit card charges an annual interest rate of 15.4%. Use the simple interest formula to fil in the remainder of the table. For each row t= 1/12 year. Month Payment Interest Principal Balance $3575.00 January XX00 February $500 $45.88 $454.12 $3120.88 March $500 April $500 May $500

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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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 we have a credit card company that sets the due date every 1st month. If its annual interest rate is 24%, what will be the finance charge (interest) and outstanding balance on Dec 01? The ADB in this credit card for the November billing period is PhP 14,422.07. So the finance charge for this billing period would be: Monthly Interest = ADB x Monthly Rate = 14,422.07 (0.02) = 288.44 So the outstanding balance (OS) for the next billing period is OS = Last Daily Balance + Finance Charge = 1,607.80 + 288.44 = 1,896.24 important question: On the same credit card, for December, the customer plansto purchase on Dec 05 an item worth PHP 15,000 and make periodicpayments of PhP 4,000 every Monday thereafter. What will be the O/SBalance on January 01, 2021?
Average Daily Balance Interest Calculation IS The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $200 ($50 purchase) Days 21-30: $50 $150 (initial balance) ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [ ? ] Round to the nearest hundredth. Enter mht©2003 - 2021 Aceļlus Corporation. All Rights Reserved.
The following information appears on your most recent credit card bill: Statement Date 03/1/2019 Previous Balance 154.32 Previous Payment 154.32 New Balance $145.79 Annual Percentage Rate 15.50% a) Find the periodic rate. (Round to 2 decimal places) b )How much interest will you pay on this statement.(Note :You paid off your entire balance last month.) c)If you make a payment of $50, what will your balance be after your payment (Before your next statement (04/1/2019))
Suppose that on January 1 you have a balance of $6200 on a credit card whose APR is 18%, 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? C... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Suppose that on January 1 you have a balance of $2600 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.) b. The total paid since January 1 is $. (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: $150 (initial balance) Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [ ? ] %3D Round to the nearest hundredth. Enter 3- 2021 Acelu Corporation All Rights Reserved.
The balance on a credit card, that charges a 12% APR interest rate, over a 1 month period is given in the following table: Days 1-3: $150 (initial balance) Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth.
You get a new credit card from your bank. The document that comes with the card informs you that the interest rate on that card is 19.1% APR. What is the effective annual rate you'll actually be paying? The credit card company uses monthly compounding of interest. Enter your answer as a percentage, rounded to 2 decimals, and without the percentage sign ('%'). For example, if your answer is 0.23456, then enter 23.46 21.98
Assume that you start with a balance of $3900 on your credit card. During the first month, you charge $400, and during the second month, you charge $650. Assume that your credit card charges a 27% APR and that each month you make only the minimum payment of 2.5% of the balance. Complete the following table. (Round your answers to the nearest cent.) Previous Balance Finance Charge(+) Purchases(+) Payments(-) New Balance Month 1 3900 Correct. 87.75 Correct. 400 Correct. 97.50Correct. 3890.25 incorrect. Month 2 3890.25 Incorrect. 87.52 Incorrect. 650 Correct. 97.25Incorrect. 3880.27Incorrect.
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.)
Suppose that on January 1 you have a balance of $3100 on a credit card whose APR is 17%, 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?

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