Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the table below or the monthly payment formula to calculate each monthly payment for the given principal, APR, and time. Table of Monthly
Use the table below or the monthly payment formula to calculate each monthly payment for the given principal, APR, and time. Table of Monthly Payments per $1,000 of Principal Rate 1 yr 2 yr 3 yr 6.50% 6.75% 86.30 44.55 30.65 4 yr 23.71 5 yr 10 yr Rate 1 yr 2 yr 3 y 4 y 10 yr 19.57 11.35 10.00% 87.92 46.14 32.27 25.36 21.25 13.22 86.64 7.25% 44.89 7.50% 86.76 45.00 7.75% 86.87 45.11 8.00% 86.99 45.23 8.25% 87.10 45.34 8.50% 87 22 45.46 31.57 19.68 23.83 86.41 44.66 19.80 23.95 7.00% 86.53 44.77 30.88 24.06 30.99 24.18 31.11 24,30 31.22 30.76 11.48 10.25% 88.03 46.26 32.38 25.48 21.37 13.35 11.61 10.50% 88.15 46.38 32.50 25.60 21.49 13.49 24.41 31.34 31.45 19.92 11.74 20.04 11.87 12.00 20.16 12.13 20.28 10.75% 88.27 46.49 32.62 25.72 21.62 13.63 11.00% 88.38 46.61 32.74 25.85 21.74 13.78 11.25% 88.50 46.72 32.86 25.97 21.87 13.92 11.50% 88.62 46.84 32.98 26.09 21.99 14.06 20.40 24.53 12.27 11.75% 88.73 46.96 33.10 26.21 22.12 14.20 24.65 20.52 12.40 12.00% 88.85 47.07 33.21 26.33 22.24 14.35 8.75% 87.34 45.57 24.77 31.68 20.64 12.53 12.25% 88.97 47.19 33.33 26.46 22.37 14.49 9.00% 87.45 45.68 31.80 24.89 20.76 12.67 12.50% 89.08 47.31 33.45 26.58 22.50 14.64 9.25% 87.57 31.92 45.80 25.00 20.88 12.80 12.75% 89.20 47.42 33.57 26.70 22.63 14.78 9.50% 9.75% 87.80 87.68 45.91 32.03 46.03 32.15 25.12 21.00 12.94 13.00% 89.32 47.54 33.69 26.83 22.75 14.93 25.24 21.12 13.08 13.25% 89.43 47.66 33.81 22.88 26.95 15.08 7. $8,000; 9.25%; 5 years 8. $10,000; 13%; 10 years 9. $9,700; 11%; 4 years 10. You had these daily balances on your credit card for your last billing period You must pay a finance charge due to not fully paying off the card last month. The APR is 18.2%. 11 days @ $282.55 4 days @ $532.99 7 days @ $825.54 3 days @ $767.31 5 days @ $1,453.37 a.) What is the average daily balance? b.) What is the finance charge?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the monthly payment for a given principal APR and time we need to use the table provided However the table you provided seems to be incomplete or has formatting issues making it difficult ...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