23. Duc has a credit card with a $1000 credit limit. His outstanding balance is currently $800. What is the maximum amount he can now spend on this credit card?
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23. Duc has a credit card with a $1000 credit limit. His outstanding balance is currently $800. What is the maximum amount he can now spend on this credit card?
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- Card A has the highest rate. Quentin again decides to pay $280 toward his total credit card debt. If he pays the minimum for Cards C, and D, how much will that leave for Card A?Today the average undergraduate student is responsible for paying off a $3,500 balance on his/her credit card. Suppose the monthly interest rate is 1.75% (21% APR). How many months will it take to repay the $3,500 balance, assuming monthly payments of $100 are made and no additional expenses are charged to the credit card? [What is the APR on your personal credit card(s)?]Troy already had a balance of $104.75 on his credit card when he used it to purchase items totalling $128.37. His minimum monthly payment is 4% of the balance or $20, whichever is greater, and the interest is 18.7%, compounded daily. a) How long will it take Troy to pay off the balance if he pays only the minimum? b)How much interest will he pay?
- Steve has maxed out his credit card and owes $22,000. The annual interest on his credit card is 18.25%. a. The minimum payment for some credit cards is 2% of what you owe. What is Steve’s minimum payment? b. Suppose Steve continues to pay the amount found in part a, how long until he has paid off her credit card dept? Assume he doesn’t charge anything else. c. What is the total amount he spent to cover the $22,000 debt? d. Suppose Steve decides to pay $750 per month, how long until he pays off the credit card? e. How much does she save by paying $750 a month? f. Suppose Steve is getting married in 25 months, what should he pay every month to clear hiscredit card debt by the time he is married?Suppose I have a balance of $4500 on my Bank of America credit card. Assume the interest rate on my card is 12.95%. If I am willing to commit to making monthly payments of $100, then how long will it take for me to pay off my credit card?Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went to his bank and found out he could get a personal line of credit that he could then use to pay off his credit card. The line of credit has an interest rate of 9% compounded monthly. Hak Young realizes that payment amount, even though reduced, is just not manageable based on how much he currently makes and all of the other expenses he also has to budget for. As a result he decides paying off his debt in 10 years is simply more realistic. What would Hak Young’s monthly loan payments be with this new timeline? What will be the total interest paid?
- Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 21% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely.Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $8059 in it and pays an 12% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account?Your credit card carries a 23.99%interest rate. You want to pay off your balance of $8700 with equal monthly payments over 3 years. How much should each payment be ? Suppose you transfer your balance to a card charging 5.95% interest. How much should each payment be to retire your debt after 3 years? How much total interest do you pay? How much total interest do you save over the card with the 23.99% interest rate?
- Due to poor spending habits, Ricky has accumulated $10,000 in credit card debt. He has missed several payments and now the annual interest rate on the card is 18.95 percent! If he pays $175 per month on the card, how long will it take Ricky to pay off the card?Tallolah has a credit card through BestBank. Her credit card has a $5,000.00 limit and has a 15% APR. Her balance at the end of the April is $350.00. Her average daily balance was $88.00. If Tallolah pays the entire balance, how much interest will be added to her next bill? If Tallulah pays $50 (of the $350 bill), how much interest will be added to her next bill if her bank uses the unpaid balance method?Brandon has reached his credit card limit of $5000.00. Using an online calculator, Brandon determined that if he pays $180.00 per month, it will take him 39 months to pay off the credit card. Which of the following represents the total interest Brandon will pay when his debt is paid off? A $1,700.40 B $2,020.00 C $1,100.00 D $858.10 Need ASAP please