1. Betty Thomas borrowed $6500 on her Visa card to install a hot tub with landscaping around it. The interest charges are 1.6% per month on the unpaid balance  (a) Find the monthly interest charges. (b) Find the interest charges if she moves the debt to a credit card charging 1% per month on the unpaid balance.  (c) Find the monthly savings. 

2. Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and now owes $5232.25. The interest charges are 1.75% per month.  (a) Find the interest charges. (b) Find the interest charges if he moves the debt to a credit card charging .8% per month on the unpaid balance.  (c) Find the savings 

3. Gabriel Godwin purchases a tiny home for his elderly mother. After a large down payment, he finances $88,600 at 5% for 10 years. Prepare a repayment schedule for the first two payments.  Payment  Number Total Payment Interest  Payment Principal  Payment Remaining  Balance II. Find the average daily balance for the following credit-card accounts. Assume one month between billing dates using the proper number of days in the month. (b) Then find the finance charge if interest is 1.5% per month on the average daily balance. (c) Finally, find a new balance. 

1. Previous balance $228.95 January 27 billing date (31 days) 

a. _________________ February 9 Walmart $11.08 

b. _________________ February 13 Returns $26.54 

c. _________________ February 20 Payment $29 February 25 Restaurant $71.19 

2. Previous balance $312.78 June 11 Billing date (30 days) 

a. _________________ June 15 Returns $106.45 

b. _________________ June 20 Coat $115.73 

c. _________________ June 24 Car rental $74.19 

July 3 Payment $115 Previous balance $714.58  August 17 Billing date (31 days) 

a. _________________ August 21 Mail order $26.94 

b. _________________ August 23 Returns $25.41 

c. _________________ August 27 Target $31.82

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a Calculation of monthly interest charges when interest ... View the full answer