How does the credit card company calculate the interest payment?

Q: Describe the process of Borrowing with Credit Cards?

A: The credit card has been an important tool to increase the purchasing power. This facility has…

Q: How fast Can someone get a bank loan?

A: A bank takes into account several things when considering whether or not to extend a loan to…

Q: Transactions on a debit card can't affect your credit history. O True O False

A: Answer :-   True    Transactions on a debit card can't affect your credit history.           The…

Q: If you make a late payment on a 0% interest credit card, you're responsible for paying the entire…

A: The statement is false If we make late payment on a 0% interest card , then the bank may charge…

Q: You borrow $1,000 from a bank to buy a car to use in your pizza delivery business. IS THIS AND…

A: Savings are a type of income which is kept by the consumer after paying all his expenditure. When…

Q: Explain why someone might want to put a “red flag” on their own credit report.

A: A red flag refers to a warning that is put on the credit report if something suspicious, fraudulent,…

Q: What is fractional ownership?

A: Ownership:The term ownership refers to the legal right or exclusive right over the commodity. For…

Q: Bank A charges 12% compounded monthly on its business loan. Bank B charges 11.8% compounded daily.…

A: The best bank to borrow money can be selected based on the following method.

Q: Does IRS have my direct deposit info?

A: IRS stands for Internal Revenue Service which represents the federal government's revenue services,…

Q: why is it critical for consumers to truly understand the effect of interest on their credit cards?

A: A credit card is a payment card that enables the owner to borrow funds to pay for purchases. Since…

Q: How is money can be loaned and repaid?

A: A loan is when an amount of money is given to another party in exchange for repayment of the loan…

Q: What is the cheapest loan?

A: A loan is the lending of money by an individual or a group to another individual or a firm, with an…

Q: still make all interest payments? r

A: *Answer:  The debt-to-GDP ratio is the percentage of a country's debt to its GDP. It is used to…

Q: Definition of the initial cash reserve

A: Cash reserves are funds held on hand by a company or a person to meet short-term and emergency…

Q: what does it mean when banks are paying people to get loans?

A: The financial system of the nation is considered to be one of the most prominent, and important…

Q: Write the different loan terms?

A: A loan is when one or more people, organisations, or other institutions lend money to other persons,…

Q: 2. is/are repaid in monthly payments. O Bankruptcy Credit O Installment loans IOU's

A: An installment loan is normally a one-time loan that provides amount in a lump sum. Lender…

Q: What is the future amount is due at the end of the loan period

A: Here T = 13 months     R = 20%    P = 2000

Q: How Do You Manage Your Credit Card Debt?

A: Credit cards have become a everyday part of our lives and is convenient to use. It is often, that we…

Q: On a bank's T-account,

A: Banks T account shows the classification of asset and liabilities.

Q: 1. What are some of the problems with paying only the minimum monthly payment on a credit card? 2.…

A: 1. The primary use of credit cards is to use money and repay without interest. If one is paying only…

Q: How does the bank offer two repayment plans?

A: Loan repayment is an act followed by the borrower to pay back the borrowed amount to the lender. The…

Q: You can improve or damage your credit history with a credit card. O True O False

A: The economics as a study is based upon the idea that the resources which are present with each…

Q: What does the interest rate you determine represent?

A: The interest is a specific percentage of the principal amount that is lent, borrowed, or deposited…

Q: Do the credit card interest rates vary with creditworthiness? how?

A: Yes, the credit card interest rates vary with creditworthiness.  To set the interest rate on the…

Q: What is Compound interest?

A: Simple Interest: The simple interest is the interest that is paid on the principal amount. For…

Q: The first thing paid when repaying a loan is the principal. True or False?

A: Principal denotes the original amount of money borrowed by the individual for meeting his/her needs.…

Q: What is mortgage insurance?

A: Mortgage insurance is the insurance policy which insures a mortgage loan in the case of the default…

Q: Describe what consumers should know about credit monitoring services.

A: A credit monitoring service keeps track on borrower behavior in order to alert customers to…

Q: Credit insurance ; pls draw and explain how does that work ?

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is a transfer payment?

A: A transfer payment is a unilateral payment transferred to a person who has not exchanged money,…

Q: Balance Of Payment

A: Balance of payment has three components:Current accountFinancial accountCapital account

Q: What appears in the Tradelines section of your credit report? each credit account you've ever opened…

A: A credit report account is referred to as a "tradeline" in the credit industry. Tradelines on a…

Q: Money flow

A: Money flow is determined by calculating the daily volume by the average of the high, medium, and…

Q: annual interest cost on deposits

A: The leverage is decided basis the loans to equity ratio. Narrow bank is leveraged and wide bank is…

Q: How does amortization help in making loans affordable?

A: Concept Amortization is the technique of repaying a loan in monthly interest and principal…

Q: What is balance of payment?

A: Economics is a social science that discusses economic behavior regarding their unlimited wants in…

Q: What are the three different ways to compute interest charges?

A: There are three different interest calculation methods. They are Fixed Flat Declining Balance…

Q: what is the difference between Credit and Consumer credit?

A: Introduction Credit is a types of arrangement to receive cash or any service which you can use in…

Q: Your merchant fee is 2%. Your customers paid you $120,000 through credit cards. What fee must you…

A: The fee that needs to be paid to the credit card company can be calculated by calculating the…