Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month

Q: How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13…

A: Simple interest is an interest that is calculated on the initial investment.

Q: Smith has a credit card that charges 13% annual interest on the monthly average dail his balance was…

A: We have to calculate balance for whole month and than calculate average daily balance and interest.

Q: The following table shows the expenses and payments on a credit card for 3 months, starting with an…

A: Balance = Previous Month's Balance - Payment + Expenses + Interest = Closing BalanceThe table is…

Q: On May 11, you get a 9% $1,800 furniture loan with monthly payments of $80.  Your first payment is…

A: The mortgage is the commitment to repay the sum borrowed as a loan secured by collateral. The loan…

Q: STATEMENT BALANCE. Your credit card statement period CLOSES on the 1st of every month and a new…

A: Statement close date, billing date and payment due dates have been specified. We have to find the…

Q: Last month, Kaitlin's average daily balance on her credit card was $1,253.38. The annual interest…

A: Given: Average daily balance on credit card "B"= $1253.38 Annual interest rate "r"=15.27% Number of…

Q: John Smith has a credit card that charges 12​% annual interest on the monthly average daily balance…

A: Accounts receivable is the amount that is raised when the goods are purchased by the customer on…

Q: The quoted annual rate on your credit card is 14 percent, and there is a $30 annual fee. If your…

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

Q: Juan borrowed 3,841 at 1.32% per month payable in 24 equal end-of-the-month payments. What is the…

A: Solution:- Effective interest rate means the net interest rate for the year after the effect of all…

Q: Catelyn makes deposits of $1438 at the beginning of every 6 months into an account earning 6.86%…

A: The future value after 2 years can be calculated with the help of future value of annuity due…

Q: Last month, Kaitlin's average daily balance on her credit card was $1,356.44. The annual interest…

A: From the given information, The minimum payment on the card is the interest charge plus 2% of the…

Q: (a) Write an iterative equation for the monthly unpaid balance Un. (b) What level will the unpaid…

A: The "Unpaid Balance" on a credit card refers to the outstanding amount of money that you owe to the…

Q: Kristen’s credit card APR is 25.4% compounded daily. What is her actual interest rate per year?

A: Effective Annual Interest Rate Effective annual interest rate refers to the actual interest rate…

Q: The finance charge on Lauren's credit card bill last month was $13.50. Her APR is 18%. What was her…

A: Monthly Periodic rate = APR/Number of months In a year

Q: Casey deposits $465 into a savings account earning s 3.05% simple interest. How much interest will…

A: The question is based on the concept of Simple interest

Q: Kristen's credit card APR is 25.4% compounded daily. What is her actual interest rate per yea O…

A: The actual interest rate will be the effective annual rate (EAR). This takes into consideration the…

Q: Ebony would like to determine how much money is in an account each month that earns 5% annually with…

A: Amount deposit by Ebony=$700Rate of interest=5%For month1:Simple interest=P×R×TInterest=700×112×0.05…

Q: If you’re average daily balance on your credit card in June is $1,200 and your APR is 18%, how much…

A: Here,AverageDaily Balance of Credit Card is $1,200APR is 18%Late Charges is $29

Q: Month Unpaid Monthly Principal Total New Interest Payment Payment Balance

A: The question is related to Amortization Schedule. The details are given.

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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: John Smith has a credit card that charges 15% annual interest on the monthly average daily balance…

A: Average Daily BalanceThe average daily balance is one of the methods used by credit companies to…

Q: 17. In January, Joanna deposited $250 into her savings account. In February, she deposited an…

A: Solution:- When an amount is invested somewhere, it earns interest.

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: Every month, $600 is deposited into an account earning 0.2% interest a month, compounded monthly.…

A: To determine the amounts in the account right after and right before specific deposits, we can use…

Q: Kaye deposited $5,000 into a savings account today. For how long can $440 be withdrawn from the…

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

Q: Anya deposited $241 at the end of every month for 8 years into her bank account that earned 3.02%…

A: The future value of the deposit is calculated using following equation Future value =…

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

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…

Q: Last month Caitlins average daily balance on her credit card was $1354.68 the annual interest rate…

A: In this we have to calculate interest and minimum balance.

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: On the first of February, Rosa Maria deposits $19,500 in an account earning 5.7% simple interest per…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Suppose Anita has a credit card with monthly. an APR of 16% compounded Her current monthly credit…

A: A credit card is a financial instrument that allows its user to avail short-term credit for meeting…

Q: Catelyn makes deposits of $1242 at the beginning of every 6 months into an account earning 6.68%…

A: This question requires us to calculate the Deposits Balance after 2 years in which $1,242 is…

Q: Last month, Kaitlin's average daily balance on her credit card was $1,363.16. The annual interest…

A: When people, organizations, or governments don't have instant access to enough money to cover…

Q: n May 4 Ariel signed a simple discount note for $3,500 at 31/2% for 60 days. Calculate the proceeds…

A: The discount rate refers to the debt for a short period that is issued at the discount to par. These…

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

A: Here, Monthly Payment is $251.22 Interest Rate is 23.77% Compounding Period is Daily i.e 365…

Q: Jane has a 90-day bank Certificate of Deposit that pays 8% compounded quarterly. She is starting…

A: To calculate how much Jane will have in her account in five years, we need to consider the…

Q: You had a $1,500 dollar balance last month after you paid on your credit card. You charged a Gazebo…

A: Balance at the end of last month was $1500 An amount of $1100 was paid on 10th of this month.…