Question

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.)

Answer #1

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 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

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.)

.Assume you have a balance of $6,400 on your credit card that
you want to pay off. Calculate your monthly payment and total
payment under the given conditions. Assume you make no additional
charges to the card. 2) The credit card APR is 24 % and you want to
pay off the balance in 3 years.

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 $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
$
$
$
$...

Assume that you have found a home for sale and have agreed to a
purchase price of $254800$254800.
Down Payment: Assume that you are going to make a
10%10% down payment on the house. Determine the amount of your down
payment and the balance to finance.
Down Payment=$Down Payment=$
Loan Amount=$Loan Amount=$
Monthly Payment: Calculate the monthly payment for
a 30 year loan (rounding to the nearest cent, so rounding to two
decimal places). For the 30 year loan use...

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
$...

assume you have a balance of $3200 on your credit card you want to
pay off. calculate your monthly payment and total payment under the
given conditions. assume uou makw no additional charges to the
card.
the
credit card apr is 19% and you want to pay off the balance in 2
years

You have an unpaid balance of $350, on your credit card. You
stop making additional purchases with the card and make minimum
payments for 10 months. If the credit card company charges 21% APR
and requires minimum payments of 4%, what is your remaining balance
at the end of the tenth month?
$ 276.77
What are your total payments in those ten months?
$

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