Question

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.)

Math   Algebra   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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 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
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.)
.Assume you have a balance of $6,400 on your credit card that you want to pay...
.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...
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 $ $ $ $...
Assume that you have found a home for sale and have agreed to a purchase price...
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...
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....
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...
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? $  
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT