Credit Card Fees and Financing. Jarrod has narowed his choice to two credit cards that may meet his needs. Card A has an APR of 23%. Card B has an APR of 13%, but also charges a $23 annual fee. Jarrod will not pay off his balance each month, but will carry a balance fonward of about $401 each month. Which credit card should he choose? His total annual expenses for Card A will be $ (Round to the nearest cent.) His total annual expenses for Card B will be S. (Round to the nearest cent.) Jarrod should choose Card (Select from the drop-down menu.)

Credit Card Fees and Financing. Jarrod has narowed his choice to two credit cards that may meet his needs. Card A has an APR of 23%. Card B has an APR of 13%, but also charges a $23 annual fee. Jarrod will not pay off his balance each month, but will carry a balance fonward of about $401 each month. Which credit card should he choose? His total annual expenses for Card A will be $ (Round to the nearest cent.) His total annual expenses for Card B will be S. (Round to the nearest cent.) Jarrod should choose Card (Select from the drop-down menu.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 7FPE

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Jarrod has narrowed his choice to two credit cards that may meet his needs. Card A has an APR of 22%. Card B has an APR of 22%, but also charges a $40 annual fee. Jarrod will not pay off his balance each month, but will carry a balance forward of about $699 each month. Which credit card should he choose? his total anual expense for card A will be ? round to the nearest cent
Otis Hopkins recently graduated from college and is evaluating two credit cards. Card A has an annual fee of $75 and an interest rate of 9 percent. Card B has no annual fee and an interest rate of 16 percent. Assuming that Otis intends to carry no balance and to pay off his charges in full each month, which card represents the better deal? If Otis expected to carry a significant balance from one month to the next, which card would be better ? Explain.
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)?]
You have a credit card with an APR of 16%, compounded monthly, that has a balance of $7,000. You want to transfer this balance to a different card with an APR of 14.5%, compounded monthly. Assuming that you will make the minimum payments of $150 per month for either card, what transfer fee would make you ambivalent between transferring or not?
Recently, you made multiple large purchases on your credit card totaling $17,300. The interest rate on your credit card is 15.4% per year, compounded monthly, and your statement says your minimum payment is $280 per month. (a) How many minimum payments will you need to make in order to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? (Round your answer up to the nearest number of payments.) You will need minimum payments. (b) How much total interest (in dollars) will you pay by making the minimum monthly payment? (Round your answer to the nearest dollar.) $
Big Sean is buying a new truck from Willie’s Auto Sales, the dealer is providing the financing and he uses the discount method. If borrows $40,000 at 9% for 48 months, how much is his monthly payment?
You have a $22,000 credit card balance with an APR of 16.9%, compounded monthly, and you can afford to pay $400 per month to pay down your credit card. How long in months would it take you to pay off this balance?
Pat Radigan is planning to buy a Toyota hybrid for $18,989 with $2,100 down and plans to finance the car. Citizens’ Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months. a. What would be his monthly payment to Citizens’ Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.)
Jennifer Lee, an engineering major in her junior year, has received in the mail two guaranteed-line-of-credit applications from two different banks. Each bank offers a different annual fee and finance charge. Jennifer expects her average monthly balance after payment to be $500 and plans to keep the card she chooses for only 24 months. (After graduation, she will apply for a new card.) Jennifer's interest rate (on her savings account) is 8% compounded daily. (a) Compute the effective annual interest rate for each card.(b) Which bank's credit card should Jennifer choose?
You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your credit card company requires at least 5% each month?
The Fly-by-Night finance company advertises a “bargain 6%plan” for financing the purchase of automobiles. To the amount of the loan being financed, 6% is added for each year money is owed. This total is then divided by the number of months over which the payments are to be made, and the result is the amount of the monthly payments. For example, a woman purchases a $10,000 automobile under this plan and makes an initial cash payment of $2,500. She wishes to pay the $7,500 balance in 24 monthly payments: What effective annual rate of interest does she actually pay?
answer this fucking question or else because i really need this answer. John spends $600 using a new credit card. The credit card has a limit of $1,000 with a $35 late fee, a $35 over-limit fee, a 0% introductory APR for 12 months, and a 19.9% APR on purchases after the introductory period. If John does not use the card to purchase anything else, how much must he pay every month during the first year to avoid any fees? If he ends up with a balance of $30 after the first year, what charges will apply? like stop playing with me rn and answer this .-.