Which of the following will likely lower your credit score? A) all of your accounts date back five years or more B) you are three months away from paying off your 5 year loan C) all your low balances on your credit cards D) you recently declared bankruptcy
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- You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. How much will you owe on the credit card if you have not made a payment for 6 months? How much interest will have accrued? What will be the effective rate of interest after the 6 months?Suppose that you owe $2,000 on a credit card that charges 18% APR and you pay either the minimum 10% or $20, whichever is higher, every month. How long will it take you to eliminate the debt? Assume that the bank uses the previous-balance method to calculate your interest, meaning that the bank does not subtract the amount of your payment from the beginning balance but charges you interest on the previous balance.Suppose Olivia has $6,660 in credit card debt on the VB credit card which has annual interest rate of 18.2%. Olivia is considering transferring her debt to the LA credit card that offers 0% interest for 18 months. (a) If Olivia makes a payment of $370 per month on the VB credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: You are trying to find the future value of a debt that has a present value of $6,660. Use the formula for the future value of an ordinary annuity. Round your answer to the nearest cent.) $ (b) If Olivia makes a payment of $370 per month on the LA credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: None of the payment goes to interest on the debt. Round your answer to the nearest cent.) $ (c) How much lower is the balance due after 18 months on the LA credit card? Note: Some credit card companies…
- Suppose Olivia has $7,020 in credit card debt on the B credit card which has annual interest rate of 18.1%. Olivia is considering transferring her debt to the LA credit card that offers 0% interest for 18 months. (a) If Olivia makes a payment of $390 per month on the VB credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: You are trying to find the future value of a debt that has a present value of $7,020. Use the formula for the future value of an ordinary annuity. Round your answer to the nearest cent.) (b) If Olivia makes a payment of $390 per month on the LA credit card, what will her balance be at the end of 18 months? Assume that no additional charges are made to the card. (Suggestion: None of the payment goes to interest on the debt. Round your answer to the nearest cent.) (c) How much lower is the balance due after 18 months on the LA credit card? Note: Some credit card companies may charge a…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…Many consumers carry a balance each month on their credit cards and make minimal payments towards their debt. Joe makes monthly (end-of-month)payments of $251.22 on his credit card and is being charged 23.77%, coumpounded daily interest. How much credit card debt does Joe have today? Suppose the credit card company amortizes the debt 6 years. Please need asap today. Thank you
- 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.You are in financial trouble and are delinquent on your mortgage payment.Your bank has agreed to a repayment schedule of $1,000 per month, and it will charge 0.5% per month interest on the outstanding balance. If the current outstanding balance is $300,000, how long will it take for you to pay off the loan?This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $126,323 left to pay on your loan. Your house is now valued at $220,000. How much of the original loan have you paid off? (i.e, how much have you reduced the loan balance by? Keep in mind that interest is charged each month - it's not part of the loan balance.) The total mortgage amount as $144,000, interest rate is 8%, the mortgage is 30 years.
- Suppose I want to be able to withdraw $5,000 at the end of five years and withdraw $6,000 at the end of six years, leaving a zero balance in the account after the last withdrawal. If I can earn 5% on my balances, how much must I deposit today to satisfy my withdrawal needs? A. $8,394.92 B. $9,141.37 C. $8,402.55 D. $8,724.74 E. $7,568.94answer this fucking question or else because i really need this answer. John spends $600 using a new credit card. The credit card has a limit of $1,000 with a $35 late fee, a $35 over-limit fee, a 0% introductory APR for 12 months, and a 19.9% APR on purchases after the introductory period. If John does not use the card to purchase anything else, how much must he pay every month during the first year to avoid any fees? If he ends up with a balance of $30 after the first year, what charges will apply? like stop playing with me rn and answer this .-.Stacy borrowed $2700 from the bank for 9 months. The bank discounted the loan at 3.1%.How much was the interest?$ State your result to the nearest penny.How much did Stacy receive from the bank?$ State your result to the nearest penny.What was the actual rate of interest?% State your result to the nearest hundredth of a percent. Not use excel