Please show all calculations and explanations.

For this project, you need to use the credit card terms and conditions from MUOnline. Assume that you have this card and have a balance of $9,200. Use the information on the application to fill in the table. You have 0% APR for the first six months. And since most of you don't have much credit yet, you'll use the highest APR in the range of APR for Purchases from the 7th to 12th months. Don't forget that APR is the annual percentage rate but you want the monthly rate. What if one of your payments is late? Find the late fee and write in the blank. On the bottom or back of the page, tell me if you believe it's a good idea to only pay the minimum monthly payment on a credit card and why or why not. DUE DATE: Wednesday, October 9th Interest Rate (APR) Used: Monthly Interest Rate Used: Late Payment Fee: Month Balance Interest Amount Payment New Balance 9,200.00 $50 $ 1 2 3 4 5 $ $ $ $ $ $0 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $ $ $ $ $ $ 10 11 12 $ $ $ $ $ $ Total Interest Amount Total Payments Wells Fargo Cash Backs Card Terms and Conditions Annual percentage rate (APR) for purchases Other APRs Introductory APR of 0.00% for the first 6 billing periods the account is open.' After that, APRs range from 12.65% to 22.65% depending on applicant's credit qualifications. Cash Advance and Overdraft Protection APR: 23.49% Balance Transfer APRs: Introductory APR of 0.00% for the first 6 billing periods the account is open. After that, the variable APR for purchases applies. Currently that rate ranges from 12.65% to 22.65% depending on applicant's credit qualifications. (Future balance transfers may be offered at either the purchase or cash advance APR.) Default Rate: Up to 27.24%. See explanation below.? Variable rate Your APRs for purchase, cash advance and overdraft protection information balances may vary. The purchase APR is determined by adding a margin ranging from 6.90 to 16.90 percentage points to the Index Rate. The cash advances and overdraft protection advances APR is determined monthly by adding 17.74 percentage points to the Index Rate. The Default Rate varies and is determined monthly by adding up to 23.99 percentage points to the Index Rate.' Grace period for At least 25 days if previous balance is paid in full by its due date. repayment of No grace period on cash advances, overdraft protection advances or balances for balance transfers. purchases Method of computing Average Daily Balance (including new purchases). the balance for purchases Annual fee None Minimum finance $1.00 charge Transaction fee for On purchases made outside the United States, the fee is 3% of the purchases converted transaction amount. ADDITIONAL FEE INFORMATION: Transaction Fees for Cash Advances: 4% of the amount of each SUPERCHECKSTM advance, ATM advance or advance through the Wells Fargo Online banking program or customer service ($10.00 minimum). 4% of the amount of any advance obtained in person at a participating financial institution or each advance through any other source ($20.00 minimum). Transaction Fees for Overdraft Protection Advances: $10.00 if the total of overdraft protection advances for the day is $25.00 or less; $12.50 if the total of overdraft protection advances for the day is $25.01 - $100.00; $15.00 if the total of overdraft protection advances for the day is $100.01 - $500.00; or $20.00 if the total of overdraft protection advances for the day is greater than $500.00. Balance Transfer Fee: There is a fee of 3% of the amount of each balance transfer, but not less than $5. The maximum BT fee is $99 for each balance transfer made in the first 30 days the account is open. Late Payment Fee: $20 on balances less than $250; $29 on balances of $250 - $499.99; and $39 on balances of $500 and over. Over-the-Credit-Limit Fee: $35 'If you take advantage of any introductory or promotional APR (the "Promotional APR") offer, payments to your account will be applied to balances at the Promotional APRs first and will not be applied to other balances at higher APRs until such Promotional APR balances have been paid in full or the Promotional APRs expire. That means your savings will be reduced if you have balances that are subject to higher APRs. 2 The Default Rate will apply to all balances (including any balances under a Promotional APR) if you fail to make a required minimum payment within 60 days after the due date for that payment. Your Default Rate may be determined by such factors as your relationships with Wells Fargo or risk-based criteria. *This Index Rate is equal to the highest prime rate published in the Money Rates column of The Wall Street Journal three business days prior to your billing statement closing date, subject to the applicable minimum APRs. The standard APRs for purchases are subject to minimum rates ranging from 12.65% to 22.65% and will not decrease below the applicable minimum rate regardless of changes to the Index Rate. The standard APRs on cash advances and overdraft protection advances are subject to a minimum rate of 23.49% and will not decrease below 23.49% regardless of changes to the Index Rate. Please note that if an account is opened, the terms of your account, including any of the APRs, are subject to change. The APRs are not guaranteed to remain in effect for any particular length of time; for example, APRs may change to higher APRs or fixed APRs may change to variable rate APRs. Future changes to the APRs will be in accordance with the Customer Agreement and Disclosure Statement for your account. You may not qualify for the lowest APRs disclosed above. The APRs applicable to your account will be determined by our review of your credit report, information you provide on your application, and other relevant information available to us. For this project, you need to use the credit card terms and conditions from MUOnline. Assume that you have this card and have a balance of $9,200. Use the information on the application to fill in the table. You have 0% APR for the first six months. And since most of you don't have much credit yet, you'll use the highest APR in the range of APR for Purchases from the 7th to 12th months. Don't forget that APR is the annual percentage rate but you want the monthly rate. What if one of your payments is late? Find the late fee and write in the blank. On the bottom or back of the page, tell me if you believe it's a good idea to only pay the minimum monthly payment on a credit card and why or why not. DUE DATE: Wednesday, October 9th Interest Rate (APR) Used: Monthly Interest Rate Used: Late Payment Fee: Month Balance Interest Amount Payment New Balance 9,200.00 $50 $ 1 2 3 4 5 $ $ $ $ $ $0 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $ $ $ $ $ $ 10 11 12 $ $ $ $ $ $ Total Interest Amount Total Payments Wells Fargo Cash Backs Card Terms and Conditions Annual percentage rate (APR) for purchases Other APRs Introductory APR of 0.00% for the first 6 billing periods the account is open.' After that, APRs range from 12.65% to 22.65% depending on applicant's credit qualifications. Cash Advance and Overdraft Protection APR: 23.49% Balance Transfer APRs: Introductory APR of 0.00% for the first 6 billing periods the account is open. After that, the variable APR for purchases applies. Currently that rate ranges from 12.65% to 22.65% depending on applicant's credit qualifications. (Future balance transfers may be offered at either the purchase or cash advance APR.) Default Rate: Up to 27.24%. See explanation below.? Variable rate Your APRs for purchase, cash advance and overdraft protection information balances may vary. The purchase APR is determined by adding a margin ranging from 6.90 to 16.90 percentage points to the Index Rate. The cash advances and overdraft protection advances APR is determined monthly by adding 17.74 percentage points to the Index Rate. The Default Rate varies and is determined monthly by adding up to 23.99 percentage points to the Index Rate.' Grace period for At least 25 days if previous balance is paid in full by its due date. repayment of No grace period on cash advances, overdraft protection advances or balances for balance transfers. purchases Method of computing Average Daily Balance (including new purchases). the balance for purchases Annual fee None Minimum finance $1.00 charge Transaction fee for On purchases made outside the United States, the fee is 3% of the purchases converted transaction amount. ADDITIONAL FEE INFORMATION: Transaction Fees for Cash Advances: 4% of the amount of each SUPERCHECKSTM advance, ATM advance or advance through the Wells Fargo Online banking program or customer service ($10.00 minimum). 4% of the amount of any advance obtained in person at a participating financial institution or each advance through any other source ($20.00 minimum). Transaction Fees for Overdraft Protection Advances: $10.00 if the total of overdraft protection advances for the day is $25.00 or less; $12.50 if the total of overdraft protection advances for the day is $25.01 - $100.00; $15.00 if the total of overdraft protection advances for the day is $100.01 - $500.00; or $20.00 if the total of overdraft protection advances for the day is greater than $500.00. Balance Transfer Fee: There is a fee of 3% of the amount of each balance transfer, but not less than $5. The maximum BT fee is $99 for each balance transfer made in the first 30 days the account is open. Late Payment Fee: $20 on balances less than $250; $29 on balances of $250 - $499.99; and $39 on balances of $500 and over. Over-the-Credit-Limit Fee: $35 'If you take advantage of any introductory or promotional APR (the "Promotional APR") offer, payments to your account will be applied to balances at the Promotional APRs first and will not be applied to other balances at higher APRs until such Promotional APR balances have been paid in full or the Promotional APRs expire. That means your savings will be reduced if you have balances that are subject to higher APRs. 2 The Default Rate will apply to all balances (including any balances under a Promotional APR) if you fail to make a required minimum payment within 60 days after the due date for that payment. Your Default Rate may be determined by such factors as your relationships with Wells Fargo or risk-based criteria. *This Index Rate is equal to the highest prime rate published in the Money Rates column of The Wall Street Journal three business days prior to your billing statement closing date, subject to the applicable minimum APRs. The standard APRs for purchases are subject to minimum rates ranging from 12.65% to 22.65% and will not decrease below the applicable minimum rate regardless of changes to the Index Rate. The standard APRs on cash advances and overdraft protection advances are subject to a minimum rate of 23.49% and will not decrease below 23.49% regardless of changes to the Index Rate. Please note that if an account is opened, the terms of your account, including any of the APRs, are subject to change. The APRs are not guaranteed to remain in effect for any particular length of time; for example, APRs may change to higher APRs or fixed APRs may change to variable rate APRs. Future changes to the APRs will be in accordance with the Customer Agreement and Disclosure Statement for your account. You may not qualify for the lowest APRs disclosed above. The APRs applicable to your account will be determined by our review of your credit report, information you provide on your application, and other relevant information available to us