Question
The previous statement for your credit card had a balance of $550. You make purchases of $160 and make a payment of $80. The credit
The previous statement for your credit card had a balance of $550. You make purchases of $160 and make a payment of $80. The credit card has an APR of 24%. What is the finance charge for this month? (Round your answer to the nearest cent.)
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Assume that you start with a balance of $630 on your credit card. During the first month, you charge $180 and make a payment of $450. During the second month, you charge $110 and make a payment of $280. Assume that your credit card charges a 24% APR. Complete the following table. (Round your answers to the nearest cent.)
Previous Balance | Finance Charge (+) | Purchases (+) | Payments (-) | New Balance | |
---|---|---|---|---|---|
Month 1 | |||||
Month 2 |
You have a credit card with an APR of 28%. The minimum payment is 12% of the balance. Suppose you have a balance of $1050. You decide to stop charging and make only the minimum payment. Complete the table. (Round your answers to the nearest cent.)
Previous Balance | Finance Charge (+) | Purchases (+) | Payments (-) | New Balance | |
---|---|---|---|---|---|
Month 1 | 0 | ||||
Month 2 | 0 |
Assume that you start with a balance of $4100 on your credit card. During the first month, you charge $700, and during the second month, you charge $650. Assume that your credit card charges a 29% APR and that each month you make only the minimum payment of 2.5% of the balance. Complete the following table. (Round your answers to the nearest cent.)
Previous Balance | Finance Charge (+) | Purchases (+) | Payments (-) | New Balance | |
---|---|---|---|---|---|
Month 1 | |||||
Month 2 |
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