Juanita has good credit and gets the lowest interest rate possible for her credit card. She has a balance of $982 on her January statement. What is her periodic rate?
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Juanita has good credit and gets the lowest
interest rate possible for her credit card. She
has a balance of $982 on her January
statement. What is her periodic rate?
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- 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?Tallulah has a credit card through BestBank. Her credit card has a $5,000.00 limit and a 15% APR. Her balance at the end of the April is $350.00. Her average daily balance was $88.00. If Tallolah pays $50 (of the $350 bill), how much interest will be added to her next bill if her bank uses the average daily balance method?An individual spends $20 per day. Suppose that this person pays for all her purchases using her credit card. She withdraws no money from her bank account until the morning of the fourth day, when she withdraws the whole amount necessary to pay for her credit card purchases over the previous four days.
- June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her savings strategies and current banking arrangements to determine if she should make any changes. June has a regular checking account that charges her a flat fee per month, writes an average of 18 checks a month, and carries an average balance of $795 (although it has fallen below $750 during 3 months of the past year). Her only other account is a money market deposit account with a balance of $4,250. She tries to make regular monthly deposits of $50–$100 into her money market account but has done so only about every other month. Of the many checking accounts June’s bank offers, here are the three that best suit her needs.• Regular checking, per-item plan: Service charge of $3 per month plus 35 cents per check.• Regular checking, flat-fee plan (the one June currently has): Monthly fee of $7 regardless of how many checks written. With either of these regular checking accounts, she can avoid…Your FICO score makes a big difference in how lenders determine what nterest rate to charge you. Consider the situation faced by Edward and Jorge. Edward has a fairly poor FICO score of 660 and, as a result, pays 18.0% APR on the unpaid balance of his credit card. Jorge has a FICO score of 740 and pays only 7.3% APR on the unpaid balance of his credit card. If both persons carry an average balance of $3,000 on their credit cards for three years, how much more money will Edward repay compared with what Jorge owes (moral: you want a high FICO score)? Assume monthly compounding of interest.Cassidy has recently begun keeping her spending under control, but she still cannot fully pay off her credit card. She maintains an average monthly balance of about $1200, and her card charges a 21.6% annual interest rate, which it bills at a rate of 1.8% per month. How much is she spending on credit card interest per year?
- If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance $ 1,173 10/3 Credit $ 70 cr. 10/12 Charge: King Soopers $ 157 10/15 Payment $ 400 cr. 10/25 Charge: Delta $ 330 10/30 Charge: Holiday Fun $ 70Flip opened a credit card account. During the first month he purchased new cloths that totaled $1,505.57 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 1.9% of the remaining balance. If Flip only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of Flip's original purchases?Your FICO score makes a big difference in how lenders determine what interest rate to charge you. Consider the situation faced by Edward and Jorge. Edward has a fairly poor FICO score of 660 and, as a result, pays 18.0% APR on the unpaid balance of his credit card. Jorge has a FICO score of 740 and pays only 7.3% APR on the unpaid balance of his credit card. If both persons carry an average balance of $3,000 on their credit cards for three years, how much more money will Edward repay compared with what Jorge owes (moral: you want a high FICO score)? Assume monthly compounding of interest. Assume that Edward and Jorge makes constant monthly payment for the next 36 month to pay it off. What will be the monthly payment amount for each? Also, in simple calculation (without regard to compounding,) how much will Edward will pay more than Jorge? For example, if A pays $500/mo for a year and B pays $400/mo for a year, A would be paying $1200 more in simple calculation. Please solve the…
- Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the corresponding discount rate or often referred to as the “banker’s discount”?Mary’s credit card situation is out of control because she cannot afford to make her monthly payments. She has three credit cards with the following loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary’s attention by stating they can save Mary 25% per month on her credit card payments. This company charges 16.5% APR. Is the company’s claim correct?Natalia has a monthly net income of $1,400. She has a house payment of $600 per month, a car loan with payments of $300 per month, a Visa card with payments of $60 per month, and a credit card with a local department store with payments of $32 per month. What is Natalia’s debt payment-to-income ratio? Is she within range of what experts suggest you spend on consumer credit payments?