Question
4. A Credit Card had the following purchases in the month of June. If the rate attached to the card is 21.5% and there have
4. A Credit Card had the following purchases in the month of June. If the rate attached to the card is 21.5% and there have been no other purchases, answer the following questions.
June 10: Cash Advance of $200.00.
June 27: Purchased a suite for $648.35 from Bay.
(1)Find the amount of interest charged on the cash advance from June 10 to June 30.(2)Find the amount that must be paid on June 30, to fully pay-off the credit card balance.(3) If only the minimum of $10 is paid on June 30, and there are no other transactions in June, how much will be owing on the card on July 31?
5. You borrowed $3000 at 9% per annuum calculated on the unpaid monthly balance and agreed to repay the principal together with interest in monthly payments of $500 each.(1)How much is the outstanding balance of the loan right after the first payment?(2) How much is the outstanding balance of the loan right after the second payment?(3)How many $500 payments will be made before the last smaller payment to pay off the loan?(4) How much will be the last payment?
6. $850 was invested in an bank account at interest 3.6% compounded quarterly for four years.(1)How much money will be in the account at the end of four years?(2) How much interest will be from this investment at the end of four year?
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