Question
Hi I need help with questions from my study guide. 1.Sharon has a balance of $3,825 on her credit card. If the card has an
Hi I need help with questions from my study guide.
1.Sharon has a balance of $3,825 on her credit card. If the card has an annual rate of 20.99% how much is the finance charge for this month?
A.$802.87
B.$219.96
C.$66.91
D.$20.99
2.Tamika opens a credit card in which the minimum monthly payment is 15%. Her current balance is $2,450, not including the finance charge, and the APR is 20.5%. Assuming she makes a payment of $400 this month, how much will the minimum monthly payment be for the next month?
A.$367.50
B.$502.25
C.$313.78
D.$426.53
3.Brooklyn opened a store credit card to purchase a sofa for $849. She put the entire purchase on the credit card. Her APR is 19.99% and the minimum payment is 5%. Assuming she makes only minimum payments, what is the remaining balance on her card after 3 months?
A.$727.91
B.$741.31
C.$820.69
D.$766.88
4.Trisha uses her credit card to pay for new tires that ended up totaling $527.89. She can pay off up to $200 a month. The card has an annual rate of 22.5%. How much will she pay in interest?
A.$18.93
B.$22.84
C.$118.78
D.$146.82
5.Matthew opens a store credit card when he purchases a new sound system. The interest rate is 22.45%. He charges $4,120 to the card, and can pay $1,450 per month. What will the total cost of his purchase be?
A.$4,120.00
B.$4,273.70
C.$5,044.94
D.$5,493.70
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started