Last month, Kaitlin's average daily balance on her credit card was $1,253.38. The annual interestrate on that credit card is 15.27%. The minimum payment on that card is the interest charge (1= B-n) plus 2% of the ending balance or $25, which ever is larger. If there were 31 days in365that month and the ending balance was $1,900.25, what would be the minimum payment thatKaitlin could make?Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do notuse a comma. Example: 89.65

Given: Average daily balance on credit card "B"= $1253.38 Annual interest rate "r"=15.27% Number of…

Last month, Kaitlin's average daily balance on her credit card was $1,253.38. The annual interest rate on that credit card is 15.27%. The minimum payment on that card is the interest charge ( B. %3= 365 n) plus 2% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $1,900.25, what would be the minimum payment that Kaitlin could make? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 89.65

Last month, Kaitlin's average daily balance on her credit card was $1,253.38. The annual interest rate on that credit card is 15.27%. The minimum payment on that card is the interest charge ( B. %3= 365 n) plus 2% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $1,900.25, what would be the minimum payment that Kaitlin could make? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 89.65

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

See similar textbooks

Similar questions

Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
Last month, Kaitlin's average daily balance on her credit card was $1,363.16. The annual interest rate on that credit card is 17.5%. The minimum payment on that card is the interest charge (in the image) plus 3.5% of the ending balance or $25, which ever is larger. If there were 29 days in that month and the ending balance was $1,833.73, what would be the minimum payment that Kaitlin could make? Round your answer to the nearest penny.
Michela Navarro has $3,956.71 in credit card debt. If she makes a monthly payment of $125 (and makes no additional charges on the account), how many months will it take to repay the debt if the annual interest rate on the credit card is 22.1%? Round up to the nearest month.
Ja’Mila makes a $350 purchase with her new credit card. The card has a 21% annual interest rate and $35.00 minimum payment due on the 10th of every month. Given that her starting balance is $350, if she pays the minimum payment by October 5th, what amount, to the nearest cent, is applied to interest? $ What amount, to the nearest cent, is applied to the principal? $
Ruby Wilson, a student at State College, has a balance of $350 on her retail charge card. If the store levies a finance charge of 22 percent per year, how much monthly interest will be added to Ruby’s account? Assume that the balance is computed by the average daily balance method. Assume a 30 day month. Round the answer to 2 decimal places. $
Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the same time you charge an additional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend t the debt is paid off. How long does it take to pay off the credit card debt?
Last month Caitlins average daily balance on your credit card was $1749.13 the annual interest rate on that credit card is 17.95% the minimum payment on that card is the interest charge +2% of the ending balance of $25 which ever is larger if there were 30 days in that month at the ending balance was $2746.49 what would the balance be on her credit card after she made the payment for that month
Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $120 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months?
You have a carry-over balance of $450 of credit card charges with no additional charges and you plan to just pay the minimum payment each month for the next two months. The Annual Percentage Rate (APR) is 15.99% and the minimum payment each month is 4% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next two months, and the carry over balance for month 3 in the table below: (round all answers to the nearest cent) Month Carry over Balance Finance charge new balance minium payment 1 450.00 2 3
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest cent.)
You carry over a credit card balance of $500 wuth an APR of 18.99%. You make a minimum payment of 8% each month. Round all values to the nearest cent. A. What is the finance charge for this first month? B. What is the new balance? C. What is the minimum payment for this month? D. What is the carry over balance for the next month?