Chapter 7, Problem 2AIP

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 $ 70

Directions: For each scenario, use the items in the tables to indicate whether the item will improve or decrease the individuals credit score. Then answer the question that follows. George just turned 21 and has applied for a few credit cards.  Here are some details about his profileItem    Improve or decrease credit scoreHe currently has 2 credit cards    He got his first credit card 8 months ago    He has no student loans    He has applied for 4 credit cards in the last year (and had 2 applications accepted)    He opened his last credit card 4 months ago    All of his credit cards currently have a balance, as he has trouble paying off his card each month    He has $5,000 currently outstanding on all his credit cards    He missed a payment in the last three months when he forgot to notify the card company that he had recently moved out of his apartment. He was 30 days behind on making a payment.    He has no cards currently past due    His credit card balances of $5,000 are about 55%…

1.       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. Lizzie 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   $ 1,170      10/3   Credit    $ 73 cr.       10/12   Charge: King Soopers 154            10/15   Payment   370 cr.       10/25   Charge: Delta   327            10/30   Charge: Holiday Fun 67