If your credit card balance is $650 and the interest rate is 12% APR, then the credit card interest charge is Group of answer choices   A.$0.65 B.$65 C.$8.25 D.$6.50

Q: Complete the following table for the simple discount notes. Use the ordinary interest method. (Round…

A: Maturity Value (MV) = $6000 Discount Rate ( r ) = 3.5% Time (n) = 160 days = 160/12 =…

Q: You have a balance of $1000 on your Visa credit card. Assume that you make no more charges on the…

A: Initial Balance = $1000 Annual Charges(r) = 9.9% = 0.099 n = monthly payments = 12 in a year…

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: Computation of average daily balance:

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 15% APR. Calculate…

A: Finance Charge:- It is a form of compensation to the lenders for providing funds or extending credit…

Q: 6) Assume you have a credit card that has a 24% APR and you have an a daily balance of $1,500.00.…

A: Finance charge refers tp the borrowing cost of the money involving the fees as well as interest and…

Q: QUESTION 9 Your monthly statement from your bank credit card shows that the monthly rate of interest…

A: Using excel Effective rate function

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: The computations as follows:

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 1.32 percent per month. What is the APR on your credit card?…

A: APR is the annual percentage rate that is charged on the credit cards.

Q: The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given…

A: Interest rate = 10.5% Initial balance = $150  Number of days = 1-3 is 3 days Number of days = 4-20…

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: Given: Average daily balance = $118.27 Monthly interest rate = 1.15% Time = 1 month

Q: Your credit card company charges you 1.45 percent per month. What is the EAR on your credit card?…

A: Answer to above question is OPTION (C) i.e. 18.86% Formula to calculate Effective Annual Interest…

Q: Establish a line of credit with the bank at an intrest rate of 10%. The bank will charge a fee of 1%…

A: Actual cost of line of credit include the interest rate charged by the bank and the establishment…

Q: Suppose a person has a total credit card debt of $1.375 that has a 12% yearly interest rate. This…

A: Interest rate on savings provides the earnings to the investors while interest rate on credit card…

Q: The credit card with the transactions described in the popup below uses thne average daily balance…

A: Average daily balance ( round off ) $1798

Q: What is the APR if the monthly rate of interest a credit card company charges on outstanding…

A: Given: Monthly rate = 1.62%

Q: Match the following credit terms with the correct description. APR Known as the Annual Percent V…

A: Solution:- There are various banking terms which are used in day to day use in the banking sector.

Q: y carry a balance of $2,0 card limit is $10,000. al institution factors in 5 ayment, whichever is…

A: balance is $2,000 and you have a $10,000 limit, that makes your credit utilization rate 3%. $2,000 /…

Q: ou have 3 accounts: Account A has a $100 balance and a $300 credit limit. Account B has a $100…

A: Debt to credit ratio is percentage utilization is credit limit. The debt to credit ratio, also known…

Q: A bank charges 11% simple discount on short term loans. Find the sum received by the borrower who…

A: Introduction: Simple interest is considered to be one of the simple methods used in calculating the…

Q: In credit terms of 3/15, n/45, the "3" represents a. Full amount of the invoice b. Percent of the…

A: The terms of 3/15, n/45 means a discount of 3% if payment is made within 15 days whereas payment…

Q: Assume that you start with a balance of $3600 on your credit card. During the first month, you…

A: Given Starting balance is $3600 First month charge is $400 Second month charge is $550

Q: You have a credit card with an APR of 20%. You begin with a balance of $600 in response to which you…

A: Given: APR = 20% Beginning balance = 600

Q: what is the card's EFF%? Select the correct answer. a. 9.33%b. 3.73%c. 6.53%d. 17.73%e. 12.13%

A: Effective Rate of Return: It is the effective annual rate on an investment or loan and takes into…

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: A credit card is a card provided by a bank to its customers to use for their needs. It is unlike…

Q: Washington Products offers credit terms of 3/10, n/45. Which of the following statementsis…

A: Given statement is: Washington Products offers credit terms of 3/10, n/45.

Q: Find the amount of interest (in $) on a loan of $6,000, at 5% interest, for 80 days using the exact…

A: Under the ordinary interest method, the number of days in a year is assumed to be 360, but under the…

Q: 1.) You have a credit card with an APR of 24%. You begin with a balance of $620. In the first month…

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

Q: Determine the finance charge for a credit card that has the given average daily balance and interest…

A: Finance charge can be defined as that charge which a borrower is required to pay to the lender for…

Q: A man makes a simple discount note with a face value of $2,700, a term of 120 days, and a 9%…

A: Formula: Discount amount = Face value of note x discount rate x number of days Multiplying face…

Q: A man makes a simple discount note with a face value of $2,500, a term of 120 days, and an 18%…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: You owe $644.90 on your credit card. The minimum payment is $68.00 and the interest rate on the…

A: Credit card (CC) is the source to take a loan according to the need. It is offered by the banks.…

Q: Assume that you start with a balance of $3900 on your credit card. During the first month you charge…

A: Given, Starting balance is $3900. First month charge is $400. Second month charge is $650 Rate of…

Q: Card Name (APR %) Existing Balance Credit Limit Mark2 (6.5%) Bee4 (10.1%) $475.00 $1,311.48 Month…

A: Note:  This post has five questions. The first three questions have been answered below.   Please…

Q: Your credit card statement says that the card has a 0.0562% interest per day. What is the actual…

A: In this question we require to compute the actual annual interest rate if daily interest rate is…

Q: National Savings Bank offers money market accounts with varying interest rates, depending on the…

A: Piecewise functions are the functions that explain the nature of the dependent variable with the…

Q: Fill in the chart below using the information for Credit Card Finance. Mike starts with $1299.99 and…

A: mike starts with 1299.99 Apr is 18% minimum payment is 7% now we will calculate monthly financial…

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: The annual percentage rate Introduction: The annual rate that is earned from the investment or…

Q: Given credit terms of 2/25, n/30 on a sale of $1,500, in how many days must the invoice be paid to…

A: In the given terms, n/30 indicates that the payment should be made within 30 days. Hence, option A)…

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The total balance for the billing period divided by the total days in the billing period gives the…

Q: You have a credit card that charges an interest rate of 10.95% compounded monthly. The table below…

A: Given: Interest rate 10.95%   Date Activity Amount 1-Apr Beginning balance…

Q: You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of…

A: APR = 12%  Beginning Balance = $200 Payment = $75 1st month charge = $50 2nd month charge = $60

Q: Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary…

A: Given: Face value = $85,000 Discount rate = 9.85% Term = 11 months or 330 days(11*30)

Q: a) Will credit cards help? The average undergraduate student leaves college with a diploma and…

A: a) Yes, Credit Cards will help as long as we are paying the interest amount on time and principal…

Q: Which of the following terms of trade credit is the more expensive? a. A 3 percent cash discount if…

A: Calculating the effective annual interest rate for the credit terms 3/15, net 45. We have,The…

Q: Assume that you have a balance of $3400 on your credit card and that you make no more charges.…

A: Credit card is a source to borrow the money from banks or other institutions and this borrowed…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.