Question

Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard has...

Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard has finance charges of 16% APR and that each month you make only the minimum payment of 3% of the balance. During the first month, you charge $250, and during the second month, you charge $600. Complete the following table. (Round your answers to the nearest cent.)  

Previous
balance
Minimum payment Purchases Finance
charge
New
balance
Month 1 $5000.00
Month 2

Homework Answers

Answer #1

Please upvote if the ans is helpful. Thanks.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Assume that you start with a balance of $4000 on your MasterCard. Assume that MasterCard has...
Assume that you start with a balance of $4000 on your MasterCard. Assume that MasterCard has finance charges of 12% APR and that each month you make only the minimum payment of 5% of the balance. During the first month, you charge $350, and during the second month, you charge $650. Complete the following table. (Round your answers to the nearest cent.) Previous balance Minimum payment Purchases Finance charge New balance Month 1 $4000.00 $ $ $ $ Month 2...
Assume that you have a balance of $8000 on your MasterCard and that you make no...
Assume that you have a balance of $8000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.)
You have a credit card with an APR of 20%. You begin with a balance of...
You have a credit card with an APR of 20%. You begin with a balance of $750. In the first month you make a payment of $550 and you make charges amounting to $400. In the second month you make a payment of $400 and you make new charges of $550. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $750 $ $ $ $ Month 2 $...
You have a credit card with an APR of 12%. You begin with a balance of...
You have a credit card with an APR of 12%. You begin with a balance of $300, in response to which you make a payment of $75. The first month you make charges amounting to $65. You make a payment of $75 to reduce the new balance, and the second month you charge $75. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $300.00 $ $ $ $...
You have a credit card with an APR of 12%. You begin with a balance of...
You have a credit card with an APR of 12%. You begin with a balance of $200, in response to which you make a payment of $100. The first month you make charges amounting to $50. You make a payment of $100 to reduce the new balance, and the second month you charge $55. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $200.00 $ $ $ $...
The previous statement for your credit card had a balance of $530. You make purchases of...
The previous statement for your credit card had a balance of $530. You make purchases of $160 and make a payment of $60. The credit card has an APR of 23%. What is the finance charge for this month? (Round your answer to the nearest cent.) $
Suppose your Master Card Charges an APR of 17.49%. Your previous statement showed a balance of...
Suppose your Master Card Charges an APR of 17.49%. Your previous statement showed a balance of $600, you made a payment of $200. You then bought $350 worth of electronics, which you charged on your Master Card. Let’s make a spreadsheet Suppose in the second month you make a payment of $250 and then go make purchases of $460. Complete the second month of the spreadsheet. Suppose in the third month you make a payment of $175 and then make...
Assume that you have a balance of $5300 on your Discover credit card and that you...
Assume that you have a balance of $5300 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2% of the balance. Find how many months it will take to bring the remaining balance down to $2500. (Round your answer to the nearest whole number.)
you have a balance on your credit card of $2,500. the apr for the credit card...
you have a balance on your credit card of $2,500. the apr for the credit card is 22.5%. in the first month you have a payment of $400 and make purchases of $600 using the card. in the second month, you make a payment of $500 to refuce the new balance and you also make purchases of $300 using the card. what is the new balance for months 1 and 2.
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day...
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle 9/16   Billing date Previous balance $ 1,400    9/19   Payment $    54 cr. 9/30   Charge: Home Depot 1,200     10/3   Payment     54 cr. 10/7   Cash advance     64      Finance charge is 1.25% on average daily balance.   Average daily balance $   Finance charge $
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT