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?

Q: You took a $500 cash advance by using checks linked to your credit card account. The bank charges…

A: Cash advance = $ 500 Cash advance fee = 2% Cash advance fee amount = Cash advance*Cash advance fee…

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: Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the…

A: Given information: Limit of credit card : $1,000 Usage : Month 1-$150, Month 2-$200, Month 3-$199…

Q: If you sign a discount note for $4,400 at a bank discount rate of 8%, for 90 days, what is the…

A: Effective annual rate is defined as the actual rate that is earned on the investment. It shows the…

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: 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: Your credit card company charges you 1.44 percent per month. What is the EAR on your credit card?…

A: Effective annual rate of interest (EAR) = (1 + r)^t - 1r = rate of interest = 1.44% t = time = 12

Q: Раyment (4.34% paid Раymer paid (2.74% interest) interest) $29,000 automobile with 10% deposit Total…

A: Cost of automobile = $29,000 where  There is a deposit of 10% or $12,000 Assumed: Loan is taken for…

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

A: Future value = Present value ( 1 + rate of interest )Period Future value = Amount deposited * Future…

Q: You have a balance of $7500 on your credit card and you make no further charges. If your APR is…

A: Data given: Balance on credit card = $7500 APR=12.5% Minimum payment = 5% of balance t=24 months…

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: 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: 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: You have a credit card that has a balance of $7590at an APR of 21.99%. You plan to pay $400each…

A: The objective of this question is to determine how many months it will take to pay off a credit card…

Q: You took a $300 cash advance by using checks linked to your credit card account. The bank charges…

A: Given, Cash received as advance = $300 Bank charges = 1% on cash advance APR = 20%

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: suppose that you overdrew your bank account by $200. the bank charge you a fee of $30 and your…

A: given: overdraft amount           =$200 bank charge       =$30 number of days               =5…

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

A:

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 have a balance of $7500 on your credit card and you make no further charges. If your APR is…

A: Monthly rate = APR /12 = 12.5% / 12 = 1.041667%

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: I want to borrow $700 for ten days from a payday loan store. Here are the terms for the payday loan:…

A: Pay Day loan: A payday loan is a small personal cash loan at a very high interest rate, secured by…

Q: You have an account with a $1000 credit limit that charges 12.25% interest using the average daily…

A: In credit cards they are charged based on the daily balance and there is need of daily balance and…

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: 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: You have been given eight months to pay off your gambling debt. You need $2,200 in eight months. How…

A: Interest is an additional amount which is paid or received on borrowed or lending amount for the…

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.

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.