Max wants to monitor his expenses for a month. What should he do first? Choose the correct answer below. set up a system to record bill payments and daily spending look over his credit card statements for the past year consider ways to reduce what he borrows stop spending money on his favorite hobbies
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Max wants to monitor his expenses for a month. What should he do first?
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- A) What is the APR for purchases made using this credit card? B) What is the maximum amount that Marcus can put on this credit card? C) Did Marcus pay off the entire balance of his credit card last month? D) Suppose Marcus pays the minimum payment due this month, what will his new balance be, after this payment is processed and assuming he makes no additional purchases?Suppose that before ATMs and credit cards, a person goes to the bank once at the beginning of each four-day period and withdraws from her savings account all the money she needs for four days. Assume that she spends $100 per day. Calculate the amount of money this person withdraws each time she goes to the bank.Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day billing cycle. The current balance is x and the APR is 24%. Rebecca is buying a friend an expensive gift that costs $1,400 that she plans to put on her credit card. This will be her only purchase this month. She will bemaking this purchase on the last day of the month. Part A if her finance charge will be $51 write and solve an equation to determine her current balance on her credit card show your work. Part B How much in finance charges can she save by making the purchase on the last day of the billing versus the first day of billing? Explain
- Flip 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?Suppose that with the advent of ATMs, a person withdraws money once every two days. Further, suppose this person spends $10 per day. Calculate the amount of money this person withdraws each time she goes to the bank.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?
- 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 $ 70Abby’s cat, Si, has convinced her to set up an account that will assure him of his Meow Mix for the next four years. Abby will deposit an amount today that will allow Felix to make end-of-month withdrawals of $10 for the next 48 months. Assume an interest rate of 6% and that the account will have a zero balance when the last withdrawal is made. What is the amount that Abby should deposit? What is the account balance immediately after the 24th withdrawal is made?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 12% APR and the following transactions? 28-day billing cycle 1-October Previous balance $ 1,168 3-October Credit $ 75.00 12-October Charge: King Soopers $ 152.00 15-October Payment $ 350.00 25-October Charge: Delta $ 325.00 30-October Charge: Holiday Fun $ 65.00 APR 12% Required: Using the information above, complete the following table and questions Number of days of current balance Current balance Extension 2 $ 1,168.00 9 3 10 5 2 What is the total extension amount? What is the average daily balance? What is the total number of days of…
- Flower opened a credit card account. During the first month she purchased new cloths that totaled $1,550.00 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 3.0% of the remaining balance. If Flow only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of her original purchases?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?Andrew has purchased a new car. He wishes to set aside enough money in a bank account to pay the maintenance for the first 5 years. It has been estimated that the maintenance cost of a car is given in the table.Assume the maintenance costs occur at the end of each year and that the bank pays 5% interest. How much should Andrew deposit in the bank now?