please answer all questions 8-11
8. You have a credit card with an APR of 23.4%. You begin with a balance of S1500 and in response make a payment of $200. The first month you make charges amounting to $400 on a name brand purse. Then you make a payment of $300 to reduce the new balance, and the second month you charge $600 to pay some bills. Complete the following table to find the new balance for month 2. Payments Purchases Previous balance Finance New balance CEO charge 12 = .010 400 600 Rooxcoles 1733.15. 39.6435?2072 10 0 0 Month 1 500 Month 2 933. 5 A) $2772.85 BY $2072.80 C) $1772.80 D) $2000.00 2033 9. You have a new credit card with a promotional 0% APR for a limited time. The card requires a minimum payment of 4% of the balance. You feel you can afford to pay no more than $150 each month. How much can you afford to charge? A) $5600 B) $1800 C) $7200 D) $3750 10. At age 25, you start work for a company that deposits $10,000 into a retirement account that pays a monthly interest rate of 1.1%, and interest is compounded monthly. If you retire at 65, what is the balance in this account? A) $1,690,656.85 B) $2,036,221.94 C) $1,140,286,20 D) $1,907,895.94 11. You have a savings account into which you invest $100 at the end of every month and the account pays you an APR of 6% compounded monthly. Use the regular deposits balance formula to determine the balance in the account at the end of 3 years. A) $3933.61 B) $2918.75 C) $3816.00 D) $3515.67 8. You have a credit card with an APR of 23.4%. You begin with a balance of S1500 and in response make a payment of $200. The first month you make charges amounting to $400 on a name brand purse. Then you make a payment of $300 to reduce the new balance, and the second month you charge $600 to pay some bills. Complete the following table to find the new balance for month 2. Payments Purchases Previous balance Finance New balance CEO charge 12 = .010 400 600 Rooxcoles 1733.15. 39.6435?2072 10 0 0 Month 1 500 Month 2 933. 5 A) $2772.85 BY $2072.80 C) $1772.80 D) $2000.00 2033 9. You have a new credit card with a promotional 0% APR for a limited time. The card requires a minimum payment of 4% of the balance. You feel you can afford to pay no more than $150 each month. How much can you afford to charge? A) $5600 B) $1800 C) $7200 D) $3750 10. At age 25, you start work for a company that deposits $10,000 into a retirement account that pays a monthly interest rate of 1.1%, and interest is compounded monthly. If you retire at 65, what is the balance in this account? A) $1,690,656.85 B) $2,036,221.94 C) $1,140,286,20 D) $1,907,895.94 11. You have a savings account into which you invest $100 at the end of every month and the account pays you an APR of 6% compounded monthly. Use the regular deposits balance formula to determine the balance in the account at the end of 3 years. A) $3933.61 B) $2918.75 C) $3816.00 D) $3515.67
