Flower opened a credit card account. During the first month she purchased new cloths that totaled $1,550.00 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 3.0% of the remaining balance. If Flow only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of her original purchases?

Q: Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to…

A: Deposit amount (PV)=$5,000 Duration (n)=44 months and 12 days Rate of interest (i)=0.0033

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A: Shandra would take 22 payment to pay off her vacation.

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Q: Polly purchased a car. She paid ₱150,000.00 as down payment, and ₱5,500.00 payable at the beginning…

A: The present value of money is the discounted value of future cash flows. The change in the present…

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A: Simple interest is based on the principal balance of the loan or the initial deposit in a bank…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Data given: 31 day billing cycle 10/1 Previous balance    $ 1,177.00 10/3 Credit $ 66     cr…

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Q: Polly purchased a car. She paid ₱150,000.00 as down payment, and ₱5,500.00 payable at the beginning…

A: a) Periodic Rate = Annual Rate / 12

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A: Time value of money is used to calculate the monthly instalments, rate of interest, total amount to…

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A: For solving we have to calculate cost of both accounts and minimum cost will be selected.

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A: If enough funds are not available with a person for a transaction, then the person can avail credit.…

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A: Here I am giving answer for the first 3subparts only.

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A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…

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A: APR on credit card: It is the rate that converts the credit card charge into a daily periodic rate.

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A: a) Computation of total annual cost:

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Q: Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last…

A: Computation:

Q: Diane Wallace bought a​ living-room suite on​ credit, signing an installment contract with a finance…

A: Principal amount refers to the amount of money that is borrowed from the lender and is also the…

Q: June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her…

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Q: David Kapamagian borrowed money from a bank to finance a small fishingboat. The bank's loan terms…

A: Working of the rate charged by the company is shown as follows:

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A: The question is related to Amortization Schedule. The detals ar given.

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Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Given:

Q: You have an unpaid balance of $250, on your credit card. You stop making additional purchases with…

A: Balance=250Time=10monthsCharge=15%Minimum payments=6%

Q: A new employee charged $7160 on his credit card to relocate for his first job. After noticing that…

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A: Present value refers to the current valuation for a future sum. Investors determine the present…

Q: s money hc holdingr

A: She will withdraw 4 x 100 = $ 400

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Q: Betty Thomas borrowed $6500 onher Visa card to install a hot tub with landscaping around it. The…

A: Loan Amount = $6,500 Interest Rate = 1.6%