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 yea 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 $5300 on a credit card whose APR is 13%, which you want to pay off in 1 yea 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.)

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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You have an account with a $1000 credit limit that charges 12.25% interest using the average daily balance method. Assuming a 30 day month, you start with a balance of $200 on Day 1. On Day 5, you charge $50 and you pay $150 on Day 15. What is your average daily balance, assuming charges and payments begin the next day? Round your answer to 2 decimal places.
7. You just received a $1,000 bill for your credit card, which has an annual interest rate of 18%. Your credit card company uses the previous balance method (i.e. charges interest on the unpaid balance on the first day of the billing period) in order to calculate the interest you owe. Suppose you make a $200 payment tomorrow, and make no new charges to your credit card in the next month. What will be the balance on your next credit card bill (a month from now)? Compute the total return and the annual return for each of the following investments
How can we calculate the total annual interest payment for a credit card debt of $ 1,000?
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? $
You deposit $ 70,565 in your account today. You make another deposit at t = 1 of $ 51,167 . How much will there be in your account at the end of year 2 if the interest rate is 19 percent p.a.? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85). Your Answer:
Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a minimum payment of 3%. What is your minimum payment? What is your interest for 1 month? What is your new balance?
Use Table 12-1 to solve. Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $150 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 18 months? (Round your answer to the nearest cent.) $ Submit Answor
Only type answer and give answer fast
A bank charges you, the credit card holder, 13.24% compounding monthly. Imagine that you have accumulated debt in an amount of $4,000. Your credit card statement shows a minimum monthly payment of $20.00. Assuming you wise up and realize that you better pay off your debt before charging on your card again, how long would it take to pay off the debt completely if you were to make the minimum payments? How long would it take if you were to make a monthly payment of $50.00?
Assume that you have a balance of $5000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and thut each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. ellook
Today, you purchased $5300 on a credit card that charges an APR rate of 22.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $100?
Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of July. The limit on your line of credit is $1000.00. You receive daily interest of 1.4% p.a. on positive balances and pay daily interest of 8% p.a. on negative (line of credit) balances. Overdraft interest is 16% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of July (a) Calculate the amount of interest earned. Total interest earned = S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = $ (Round the final answer to the nearest cent as needed. Round all intermediate…

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