the annual interest rate on a credit card is 12.99%. If a payment of $300.00 is made each month ,how many months will it take to pay off an unpaid balance of $2,446.16?

Q: A credit card company compounds monthly and charges an interest of 1 ½ % per month. What is the…

A: Effective Interest Rate It is a rate that discounts the approximate future cash flows over the…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: We need to use previous balance method to calculate monthly finance charge. Finance Charge using…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Formula to calculate the charge using the average daily balance method is: (Balance*10) +…

Q: Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate…

A: Time value tells that money received today has more value than that of receiving exact value later…

Q: If your credit card calculates interest based on 16.75% APR, compounded quarterly: (a) What are your…

A: The yearly rate that incorporates the magnifying effect of many compounding periods each year of…

Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…

A: Using NPER function in excel

Q: The annual interest rate on a credit card is 13.99%. If the minimum payment of S30 is made each…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: If you have a $15,000 car note with a $450.00 monthly payment, payable over 36 months, what interest…

A: In the given question we need to compute the interest rate from following details: Car note value =…

Q: The quoted rate on your credit card is 18 percent and the card has a $57 annual fee. If your average…

A: Transactions in credit card is chargeable with monthly interest rate. Finance charge =average daily…

Q: You can earn .51 percent per month at your bank. If you deposit $3,400, how long must you wait until…

A: The number of months can be calculated with the help of future value function

Q: If $1,000 is deposited each quarter in an account that earns 2% compounded quarterly, how many full…

A: The question is based on the concept of Annuity

Q: Assume that you have a balance of $4500 on your Discover credit card and that you make no more…

A: The yearly rate that borrower pays on loan and investors receives on deposits is the annual…

Q: The bank statement opposite shows transactions over a one-month period for a savings account that…

A: Interest on savings account is calculated on daily balance in the account.

Q: nth. Round all values to the nearest cent. A. What is the finance charge for this first month? B.…

A: finance fee is the interest  pay on a loan you owe,If you carry a debt from one payment month to…

Q: West Bank gives consumer loans at the annual interest rate of 8.25%. Suppose you take out a $5,200…

A: The amount paid each month to repay the loan over the course of the loan is known as the monthly…

Q: Recently, you made multiple large purchases on your credit card totaling $10,350. The interest rate…

A: Formulas:

Q: how much money must you put in a savings account today?

A: PV is the money value in today’s terms which is to be received at some future date whereas FV is the…

Q: Suppose you deposit $22.000 in an account today that pays 6% interest, compounded annually. How long…

A: Information Provided: Initial deposit = $22,000 Future value = $76,000 Interest rate = 6% compounded…

Q: If a nine-month term deposit at a bank a simple interest rate of 9% per annum, how much will have to…

A: Simple interest: As the name indicates it is a simple interest computed on the amount of principal.…

Q: You can earn .47 percent per month at your bank. If you deposit $3,000, how long must you wait until…

A: Computation of No. of months taken for deposit of $3,000 grown into $6,000 on an interest of 0.47%…

Q: The annual interest rate on a credit card is 16.99%. If a payment of $300.00 is made each month, how…

A: Calculation of Number of Months:The number of months to pay off the unpaid balance 8.74 months or 9…

Q: How much interest will you have to pay for a credit card balance of $875 that is 1 month overdue, if…

A: Credit Card is short term debt instrument which allows holder of such card to purchase on credit and…

Q: Need help with this question please. Thank you!

A: a. The computation of the monthly payment is shown below: Hence, the monthly payment is $306.88.…

Q: The pawn shop adds 2 percent to loan balances for every two weeks a loan is outstanding. What is the…

A: Given. Pawn Shops Adds  2%   to loan balances for every two weeks here interest is adding to the…

Q: Bank ABC is offering a rate of return of 12.25% APR compounded daily on its credit cards.  What…

A: Nominal Rate of return is 12.25% Compounding frequency is 365(as compounded daily) To Find:…

Q: calculate the monthly finance charge for the credit card transaction. Know that it takes 10 days for…

A: There are various method in which the interest on credit card is charges such as previous balance,…

Q: you recieve a credit card offer that charges interest at 1.75% per month compounded monthly. What is…

A: The nominal rate of interest is the rate that is free from the compounding effect. it is also known…

Q: You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will…

A: Charge of credit card = 3172 Minimum monthly payment = 46.69 N = 96 payments

Q: You have $2,650 balance on your charge card, and the finance charge is 16.8% annually. You send in…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Your bank calculates the interest based on 15% APR on your credit card balance (monthly…

A: Working of the total balance after two months is shown: Hence, the outstanding balance after two…

Q: If a credit card charges 1½% interest every month, what are the nominal and effective interest rates…

A: The effective annual rate of interest is the real return on the savings account when the effects of…

Q: The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given…

A: Credit card is a facility provided by the credit card companies to its customers in which customer…

Q: You have a $22,000 credit card balance with an APR of 16.9%, compounded monthly, and you can afford…

A: PV 22000       RATE 17%       COMPOUNDING PER YEAR 12       PMT 400       TIME PMT PRINCIPAL…

Q: You currently have $20,000 in the bank.  The monthly interest rate is 0.5%.  What equal amount could…

A: In this we have to calculate the present value FACTOR monthly and from that we can get monthly…

Q: A payday loan company charges $95 fee for a $350 payday loan that will be repaid in 13 days.…

A: Given, Payday loan company charges fee = $95 Payday loan amount = $350 Duration = 13 days

Q: Suppose you deposit D dollars at the beginning of each month into an account that pays a monthly…

A: Given: B = $2,600 D = $160 r = 0.005 B = D(1+r)[ (1+r)t -1]/r.

Q: Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate…

A: Mortgage/ Borrowings:  Borrowings are the loan which is taken by the individual to meet its…

Q: You have just received an offer from a bank for a credit card with a quoted rate, or APR, of 18…

A: In the given question we need to compute the Effective annual rate (EAR).

Q: A loan of $1500 is repaid with a check for $1575.  If the annual simple interest rate was 15%, what…

A: The number of months can be calculated with the help of simple interest equation.

Q: The annual interest rate on a credit card is 16.99%. If a payment of $400.00 is made each month, how…

A: Credit Card is short-term debt instrument which allows cardholder to make credit purchases and make…

Q: ose you deposit $50 at the beginning of every month in a bank account that earns 1% interest per…

A: More is compounding of interest rates more is effective interest rate and more is interest…

Q: A credit card has a 21.99% APR, a minimum monthly payment of 3.15%, and a current monthly statement…

A: Minimum monthly payment is the least amount of money paid by the credit card holder every month .…

Q: Merchandise is received for $25,000 now and $50,000 in 6 months. If $10,000 is paid within a month,…

A: Solution:- Balance due in three months means the value outstanding at third period.

Q: You have a credit card that has a balance of $11,020 at an APR of 20.49 %.You plan to pay $400 each…

A: The number of months required to pay off the balance can be computed with the help of NPER function…

Q: a credit card has a 30-day billing period, a 20-day grace period, and charges an interest rate of…

A: In this case, we use the average daily balance method to calculate the interest charged. It is one…

Q: How many monthly payments are required to repay a loan of $12,000 with an interest rate of ¾% per…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: A debt of $ 900 is repaid by making payments of $50 at the end of every 6 months. If interest is 3%…

A: The amount of loan is equal to the present value of installment discounted at the required rate of…

Q: how many months will it take to repay the debt if the annual interest rate on the credit card is…

A: Information Provided: PV of annuity = $7883.57 Monthly payment = $400 Interest rate = 19.6%