How much will Spike have in his account if he invests $855 for 4 years, compounded semiannually at 6.26%? O $239.07 O $1069.09 O $1094.07 O $214.09
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- Jerry Allison starts the month with a balance on his credit card of $1,050. On the 10th day of the month, he purchases $400 in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $450. The bank charges 1.5 percent interest per month using the previous balance method. What would Jerry's finance charges be for the month? Multiple Choice O $18.95 $23.75 $16.95 $13.25 $15.75The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactionsoccurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge. Post date Description AmountSept 18 Payment $35.00Sept 26 Purchase $125Oct 3 Purchase $84 Date RangeJoaquin deposits $400 at the end of each month into his bank account. The bank account pays 13.2% compounded monthly. After 96 deposits, Joaquin's account contains $67,575.29. After 288 deposits, Joaquin's account contains $812,817.07. How much interest did Joaquin receive between his 96th deposit and his 288th deposit? O a. $668,441.78 O b. $745,241.78 Oc. S697,617.07 O d. S738,841.78 O e. SS22,041.78 Save All Answers ubmit Click Save All Answers to save all ansuwers.
- 1. Jim has a credit card with a credit limit of $9000.00. For each of the following monthly balance, calculate the minimum monthly payment. Minimum Balance Work/Reasoning Payment $8.50 $40.00 $550.00 $9120.00 $7862.95Suppose that on January 1 you have a balance of $6200 on a credit card whose APR is 18%, which you want to pay off in 1 year. 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? C... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)The following information appears on your most recent credit card bill: Statement Date 03/1/2019 Previous Balance 154.32 Previous Payment 154.32 New Balance $145.79 Annual Percentage Rate 15.50% a) Find the periodic rate. (Round to 2 decimal places) b )How much interest will you pay on this statement.(Note :You paid off your entire balance last month.) c)If you make a payment of $50, what will your balance be after your payment (Before your next statement (04/1/2019))
- Last month Caitlins average daily balance on your credit card was $1749.13 the annual interest rate on that credit card is 17.95% the minimum payment on that card is the interest charge +2% of the ending balance of $25 which ever is larger if there were 30 days in that month at the ending balance was $2746.49 what would the balance be on her credit card after she made the payment for that monthJennifer is charged interest of 19.99% per annum on her credit card. Dec-01 Jennifer withdrew $500 as a cash advance from her credit card. Jennifer received her credit card statement, showing a minimum balance owing of Dec-31 $10, due by January 12 Jan-12 Jennifer paid the minimum balance of $10 Feb-12 Jennifer paid the minimum balance of $10 Mar-12 Jennifer paid the minimum balance of $10 Apr-01 Jennifer paid the full balance owing a) Compute the amount of interest charged during the month of December. 500* 19.99% * 31/365 = 8.48 Inrerest from 1st Jan to 11 Jan = 500 * 19.99% * 11/365 = 3.01 Total Interest till 12 Jan (8.48 +3.01) = 11.49 Net principal paid (11.49 - 10) = 1.49 7 b) What is the balance owing at the end of January? _8 BEGINNING BALANCE (500-1.4)* 19.99% * (31-11)/365 19 LESS DEPOSIT 20 RATE 21 T= 22 INEREST 23 BALANCE 24 25 c) What is the balance owing at the end of February? 26 LESS DEPOSIT 27 RATE 28 T= 29 INEREST 30 BALANCE 31 d) What is the balance owing at the end…You have a credit card with a balance of $1,367.90 at 9.5% APR. You pay $400.00 each month on due date until the card is paid off. How many months does it take to pay off the card
- You have maxed out your credit card and owe $3,100. Its interest rate is 21%. Each month, you make the minimum required payment of $33. (Round your answers to the nearest cent.) (a) During the September 20 through October 19 billing period, you pay the minimum required payment on October 1. Find the average daily balance, the finance charge, and the new balance. average daily balance $3079 finance charge $53.15 new balance $ (b) During the October 20 through November 19 billing period, you pay the minimum required payment on November 11. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (c) During the November 20 through December 19 billing period, you pay the minimum required payment on November 30. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (d) Discuss the impact of making the…Seven years ago Ruby began depositing $500 at the beginning of each month into an account. The interest rate was 1.48% compounded monthly. Answer the following questions, and round all answers to two decimal places where necessary. Choose BGN or END? Ⓒ 1) What is the present account balance P/Y= PV = $ esc P/Y= PV = $ Submit Question 1 C/Y= 2) If she stops making deposits immediately, how much will be in the account in three and a half years from now, if the interest rate remains the same (1.48% compounded monthly)? F1 PMT= $ C/Y= PMT= $ 2 F2 N= #3 N= FV = $ 80 F3 FV = $ I/Y = Q F4 I/Y = % 9 F5 % % F6 F7Jessica borrows $1,000.00 from a credit card company at 18% annually for two years. Determine Jessica’s monthly payment. $51.32 $52.49 $100 $49.93