The balance of my MasterCard is $4315 67 with an APR of 27 8 % I make the minimum payment of $175 a month. How long will it ta MasterCard and how much interest will I pay? O 37 months, $2159.33 O 37 months, $2185 O 35 months, $1779.83
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- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Gear 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?
- Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?The balance of my MasterCard is $4315.67 with an APR of 27.8%. I make the minimum payment of $175 a month. How long will it take to pay off my MasterCard and how much interest will I pay?
- One of your customers has just made a purchase in the amount of $28,000. You have agreed to payments of $590per month and will charge a monthly interest rate of 1.44 percent. How many months will it take for the account to bepaid off?Multiple Choicea. 75.08 monthsB. 86.63 months C. 80.44 monthsD. 47.46 monthsE. 36.43 monthsYou 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?You have a credit card that has a balance of $6400 at an APR of 13.49%. You plan to pay $300 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance?
- Suppose you deposited $1,000 in a credit union account that pays 7% with dailycompounding and a 365-day year. What is the EFF%, and how much could youwithdraw after 7 months, assuming this is seven-twelfths of a year? [EFF% = (1 +0.07/365)365 - 1 = 0.07250098 = 7.250098%. Thus, your account would growfrom $1,000 to $1,000 (1.07250098)0.583333 = $1,041.67, and you could withdraw that amount.]A credit card has a 21.99% APR, a minimum monthly payment of 3.15%, and a current monthly statement balance of $3,651.21. If there are $791.25 in purchases and a payment of $210.00 in the next month, what will be the next minimum monthly payment?Another client at ZBX Fin Planning currently has $95,000 in their retirement account that is expected to earn 10.56% APR compounded monthly. In addition, the client will continue to deposit $950 per month into the same account, with next deposit one-month from today. Given the above current balance and deposit plan, how much will the client have in 9 years? Enter answer in dollars, rounded to nearest dollar.
