You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will pay it off after making 96 payments. How much total interest will you pay?

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: You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: You have $480 to put into a savings account, and a bank offers you two options: Account A pays 3.1%…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: You currently have a credit card with a balance of $450. If you have a credit limit of $2,000, what…

A: In order to find out the credit utilization rate, we need to divide the credit availed by total…

Q: the apr on the card is 12%, and you are not going to use the cardinal paid in full. assume you owe…

A: Credit debt = $1,383 Interest Rate = 12% APR Monthly Payment = 140

Q: Your credit card company charges you 21.3% APR (annual percentage rate). If they calculate interest…

A: 1. Given: APR = 21.3% Interest calcualtion: Monthly   To calculate:  Periodic Interest Rate

Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…

A: Card Balance is $2088.74 APR is 28.99% Minimum payment rate is 3.9%   To Find: Minimum Payment…

Q: You have credit card debt of $37,500 that has an APR (monthly compounding) of 15%. Each month you…

A: APR of old card = 15%APR of New Card = 12%Number of months in year = 12(i)Monthly Interest rate of…

Q: a) You have a bank account that earns 6.8% interest rate. How much must you deposit (prinicipal) in…

A: The Future Value is calculated with the help of following formula  Future Value = Principal Amount ×…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Data given: 31 day billing cycle 10/1 Previous balance    $ 1,177.00 10/3 Credit $ 66     cr…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: WORKING AND EXPLANATION

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…

Q: You get an offer for a credit card that charges 13.99% interest APR, compunded monthly. What…

A: Effective Annual Interest Rate: The actual return on a savings account or any other investment that…

Q: how long will it take for teh account to be paid off?

A: Formula for loan amortization A= [i*P*(1+i)^n]/[(1+i)^n-1] Formula for calculating number of…

Q: II. Solve the following problems involving credit cards. Round your answers to the nearest…

A: Variables in the question:12. APR=22.2%13. Average balance for last credit card…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Compound = monthly = 12 Payment = p = $140 Interest rate = r = 6 / 12 = 0.5% Time = t = 15 months

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest…

A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

Q: Assume that you have a balance of $3400 on your credit card and that you make no more charges.…

A: Credit Card is short-term credit facility provided to retail customers by financing entities that…

Q: annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how…

A: We need to use NPER function in excel to calculate time to payoff loan. The formula is:…

Q: Suppose you have a Visa credit card and pay a 20 percent annual fina charge (1.67 percent per month)…

A: The credit card charges interest on average daily balance and finance charges on based on month on…

Q: You have a credit card with a balance of $1,367.90 at 9.5% APR. You pay $400.00 each month on due…

A: APR(Annual percentage rate) refers to annual cost paid by the borrower for the loan taken which…

Q: me that you ave a balance of on your crea month you make only the minimum payment of 5% of the ha

A: The APR offers a uniform method for evaluating loans, enabling borrowers to assess the overall cost…

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: Recently, you made multiple large purchases on your credit card totaling $10,350. The interest rate…

A: Formulas:

Q: using a credit card, each time you make a purchase with the credit card, deduct the account. That…

A: Previous balance (10/1): $1,178Credit (10/3): +$3.65 (Assuming this is a credit to her…

Q: 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment…

A: To find out the amount owed, closing balance needs to be added with monthly finance charge.

Q: How much interest will you have to pay for a credit card balance of $757 that is 1 month overdue, if…

A: Given, Credit Card Balance = $757 Annual Rate charged = 23%

Q: ou have monthly interest rate of 1.65% and a balance on your credit card of 2000.00. If you paid the…

A: To determine the interest amount and percentage that goes towards reducing principle.  The amount of…

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: If you have ATM fees each month of $8 for 4 years, what is the total cost of those banking fees?

A: A cost system is a system that is designed to evaluate the cost incurred by the company.

Q: How can we calculate the total annual interest payment for a credit card debt of $ 1,000?

A: We should pay the credit card bill by the end of credit free period to avoid interest charges upon…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.

Q: Suppose you owe $1,000 on your credit card. The annual percentage rate (APR) is 15%, compounded…

A: A credit card refers to an instrument that provides debt financing to both individuals as well as…

Q: 15.67 with an APR of 27.8%. I make the minimum payment of $175 a month. How long will it take to pay…

A: The given problem can be solved using NPER function in excel. NPER function computes no. of…

Q: (b) With a constant monthly payment of $40 per month, how many years would it take to pay off the…

A: Credit card are very common now days but the charges are very much so one has to very careful when…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Finance Charge is the amount of interest being charged on the borrowed amount from the lenders.

Q: A commercial bank offers you a credit card with an annual percentage rate APR = 9%, compounding…

A: Annual Percentage rate = APR = 9%Compound = n = Monthly = 12

Q: You owe $7200 on a credit card, your company says the minimum payment is 3% of what you owe. How…

A: The amount owed is $7200 APR of 22% The minimum payment is 3% To Find: Time period