A) What is the APR for purchases made using this credit card?B) What is the maximum amount that Marcus can put on this credit card?C) Did Marcus pay off the entire balance of his credit card last month?D) Suppose Marcus pays the minimum payment due this month, what will his new balance be, after this payment is processed and assuming he makes no additional purchases? 2) Below is a portion of a credit card statement for Marcus Robertson. Use this to answer the questions below.CREDIT CARD STATEMENTAccount holderAccount numberStatement datePayment due date12/15/2021Marcus P. Robertson123-45-678-911/28/2021Credit line$12,000.00Minimum payment due$24.00Current balanceAvailable credit$495.25$XX,XXX.XXReference SoldPostedActivity since last statementTransaction amount- 176.2411/9/202111/6/202111/12/202111/14/2021 11/15/202111/19/2021 11/20/202111/22/2021 11/23/2021A4236JKPayment received – Thank youChamp's Sporting GoodsBetty's BistroMike Knapp's Shoe RepairSteele's Automotive11/5/202111/9/2021A2653JL66.53A3751JK28.30A4231JK29.00A7230JL315.45A5641JKTechnoTronic Devices55.97(+) 176.24(+) 495.25(+)(-) 176.24(-)(+)(+)(=) 495.25Previous balance:Current amount due:495.25Purchases:Amount past due:Cash Advances:Payments:Amount over credit line:Minimum payment due:25.00Credits:FINANCE CHARGES:Late Charges:NEW BALANCE:Finance Charge SummaryPeriodic (monthly) RateAnnual Percentage RatePurchasesAdvances1.80%0.75%21.6%9.00%Make check or money order payable to: Third National Bank of Amity. Include account number on front.

A) What is the APR for purchases made using this credit card? Ans. 21.6% (21.6% Annual Purchase…

) What is the APR for purchases made using this credit card? B) What is the maximum amount that Marcus can put on this credit card? C) Did Marcus pay off the entire balance of his credit card last month? D) Suppose Marcus pays the minimum payment due this month, what will his new balance be, after this payment is processed and assuming he makes no additional purchases?

) What is the APR for purchases made using this credit card? B) What is the maximum amount that Marcus can put on this credit card? C) Did Marcus pay off the entire balance of his credit card last month? D) Suppose Marcus pays the minimum payment due this month, what will his new balance be, after this payment is processed and assuming he makes no additional purchases?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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