FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Credit card companies quote the APR on the outstanding balance. APR means Annual Percentage Rate and is the interest rate with annualized com- pounding. However,

Credit card companies quote the APR on the outstanding balance. APR means Annual Percentage Rate and is the interest rate with annualized com-
pounding. However, credit card interest rate is compounded daily, for 365 days a year.
Suppose the balance on a credit card is $1000. What is the total balance including interest after 30 days.


Current Credit Card Interest Rates: 14.98%

Step by Step Solution

★★★★★

3.26 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

1000 11498 11498 11498 1000 21498 Explanation The total balance after 30 days would be 21498 Solutio... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Personal Finance

Authors: Jeff Madura, Hardeep Singh Gill

4th Canadian edition

134724712, 134724713, 9780134779782 , 978-0134724713

More Books

Students also viewed these Accounting questions

Question

★★★★★
Suppose you have accumulated a credit card balance of $500, at an annual interest rate of 10 percent. You are also planning to open a new savings account that accumulates interest at an annual rate...

Answered: 1 week ago

Question

★★★★★
Credit card debt High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars) paid on a $10,000 debt over 3 years when the...

Answered: 1 week ago

Question

★★★★★
Credit card companies lose money on cardholders who fail to pay their minimum payments. They use a variety of methods to encourage their delinquent cardholders to pay their credit card balances, such...

Answered: 1 week ago

Question

★★★★★
Under Social Security, the family of a worker who dies while fully insured at the time of death has a right to survivors' benefits. True False

Answered: 1 week ago

Question

★★★★★
There are 138,592,000 workers in the United States. An economist took a random sample of 550 workers and recorded how they commuted to work (1 = drive alone, 2 = car pool, 3 = public transportation,...

Answered: 1 week ago

Question

★★★★★
Obtain from your library a copy of following article: Laurie Bassie and Daniel McMurrer, "Maximizing Your Return on People," Harvard Business Review (March 2007), pp. 115-123. The authors of this...

Answered: 1 week ago

Question

★★★★★
1. Be prompt and prepared. Prompt means being in class on time, but also moving quickly into and out of group work or other tasks. Being prepared means have the right materials (the type of pen,...

Answered: 1 week ago

Question

★★★★★
1. What should an employee do when he or she discovers that there is an error in a projection? Why do you suggest that action? Would your answer change if the error was not lie kely to affect other...

Answered: 1 week ago

Question

★★★★★
Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 $ 251,000 Accounts Receivable, December 31, 2021 46,000 Allowance for Uncollectible Accounts,...

Answered: 1 week ago

Question

★★★★★
1- Equity was based on religious concepts then current in medieval England . With that background, how well does Equity serve the needs of Australia in the third decade of the 21 st Century? Refer to...

Answered: 1 week ago

Question

★★★★★
As the director of capital budgeting for KU dairy, you are evaluating two mutually exclusive projects with the following net cash flows: Year Project A Cash Flow Project B Cash Flow 0 -100,000...

Answered: 1 week ago

Question

★★★★★
Over the next decade, Foleo Enterprises Pty Ltd grew exponentially, and whilst the increased demand for their Australian-made phones was welcome, it was unexpected and unplanned. James and Leon tried...

Answered: 1 week ago

Question

★★★★★
Pharoah Company reported the following information in its general ledger at December 31. All sales were on account. At the end of the year, uncollectible accounts were estimated to be 10% of accounts...

Answered: 1 week ago

Question

★★★★★
A jacketed-agitated vessel, fitted with a turbine agitator, is used for heating a water stream from 10C to 54C. The tank diameter D= 0.6 m, height H= 0.6 m, and agitator diameter D = 0.2 m. Saturated...

Answered: 1 week ago

Question

★★★★★
Q2 The following system works to lift a specific load. It transmits the movement from the worm (A, 600rpm) to the worm gear (B, 90 teeth) and then to the small sprocket (C, 40 teeth) attached to it...

Answered: 1 week ago

Question

★★★★★
Digna Co., a subsidiary of Shell Corpo. Began operations at the beginning of 2014. The functional currency of Digna Co. is the Italian lira; the functional currency and reporting currency of Jill...

Answered: 1 week ago

Question

★★★★★
write c++ (opengl) Write a program with following requirements: 1. Name the window 3D Shapes Menu 2. Display a menu to change the color, draw 3D shapes, clear the screen and exit as shown below: 3D...

Answered: 1 week ago

Question

★★★★★
Derive Eq. (18.33) from Eq. (18.32).

Answered: 1 week ago

Question

★★★★★
What is the purpose of property, health, disability, critical illness, long-term care, and life insurance? What is meant by the term liability?

Answered: 1 week ago

Question

★★★★★
Rodney received a total of $1000 cash as graduation gifts from various relatives. He wants to invest it in a guaranteed investment certificate (GIC) so that he will have a down payment on a car when...

Answered: 1 week ago

Question

★★★★★
Define and describe an institutional investor.

Answered: 1 week ago

Question

★★★★★
=+e. Exactly one of the three plants is completed by the contract date.

Answered: 1 week ago

Question

★★★★★
=+f. Either the plant at site 1 or site 2 or both of the two plants are completed by the contract date.

Answered: 1 week ago

Question

★★★★★
24. Suppose that a marketing manager is interested in p, the proportion of con sumers that will buy a particular new product. He considers the following two hypotheses: H0:p = .10 Hi'.p = .20. His...

Answered: 1 week ago

Previous Question Next Question