Complete the following questions in your notebook and submit when done For questions 1 3, calculate the total amount of interest and fees and assume you are borrowing $2,200 for four months (120 days) You take out the money as a cash advance at 21 99 , compounded daily Your creditor charges a flat fee of $3, plus 2 of the transaction You use a convenience cheque (also known as a credit card cheque) to pay for the purchase The annual interest rate on your credit card is 11 99 , compounded daily, and your creditor charges a 1 transaction fee 3 You take out a bank loan for the amount of the purchase at 5 5 , compounded monthly 4 What is the difference between total account balance and minimum payment on a monthly statement 5 Name the type of user fee or penalty cost you would be charged by a credit card company in the following scenarios You do not use your Triangle Mastercard for a year and a half You use your credit card to withdraw money from an automatic banking machine (ATM) You buy a S2000 laptop using your credit card that has a credit limit of $1500 ASSIGNMENT (Unit 4 Assignment 3) Complete the following questions in your notebook and submit when done For questions 1 3, calculate the total amount of interest and fees and assume you are borrowing $2,200 for four months ( 120 days) 1 You take out the money as a cash advance at 21 99 , compounded daily Your creditor charges a flat fee of $3, plus 2 of the transaction 2 You use a convenience cheque (also known as a credit card cheque) to pay for the purchase The annual interest rate on your credit card is 11 99 , compounded daily, and your creditor charges a 1 transaction fee 3 You take out a bank loan for the amount of the purchase at 5 5 , compounded monthly 4 What is the difference between total account balance and minimum payment on a monthly statement 5 Name the type of user fee or penalty cost you would be charged by a credit card company in the following scenarios a) You do not use your Triangle Mastercard for a year and a half b) You use your credit card to withdraw money from an automatic banking machine (ATM) c) You buy a $2000 laptop using your credit card that has a credit limit of $1500

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Complete the following questions in your notebook and submit when done. For questions 1-3, calculate the total amount of interest and fees and assume you

Complete the following questions in your notebook and submit when done. For questions 1-3, calculate the total amount of interest and fees and assume you are borrowing $2,200 for four months (120 days).

You take out the money as a cash advance at 21.99%, compounded daily. Your creditor charges a flat fee of $3, plus 2% of the transaction.
You use a convenience cheque (also known as a credit card cheque) to pay for the purchase. The annual interest rate on your credit card is 11.99%, compounded daily, and your creditor charges a 1% transaction fee.

3. You take out a bank loan for the amount of the purchase at 5.5%, compounded monthly.

4. What is the difference between total account balance and minimum

payment on a monthly statement.

5. Name the type of user fee or penalty cost you would be charged by a credit card company in the following scenarios:

You do not use your Triangle Mastercard for a year and a half.
You use your credit card to withdraw money from an automatic banking machine (ATM).
You buy a S2000 laptop using your credit card that has a credit limit of $1500.

ASSIGNMENT (Unit 4 - Assignment \#3) Complete the following questions in your notebook and submit when done. For questions 1-3, calculate the total amount of interest and fees and assume you are borrowing $2,200 for four months ( 120 days). 1. You take out the money as a cash advance at 21.99%, compounded daily. Your creditor charges a flat fee of $3, plus 2% of the transaction. 2. You use a convenience cheque (also known as a credit card cheque) to pay for the purchase. The annual interest rate on your credit card is 11.99%, compounded daily, and your creditor charges a 1% transaction fee. 3. You take out a bank loan for the amount of the purchase at 5.5%, compounded monthly. 4. What is the difference between total account balance and minimum payment on a monthly statement. 5. Name the type of user fee or penalty cost you would be charged by a credit card company in the following scenarios: a) You do not use your Triangle Mastercard for a year and a half. b) You use your credit card to withdraw money from an automatic banking machine (ATM). c) You buy a $2000 laptop using your credit card that has a credit limit of $1500