Question: 3. Fill in the chart below using the information for Credit Card Finance. He starts with $240 and an APR of 23.99 % dnd makes
3. Fill in the chart below using the information for Credit Card Finance. He starts with $240 and an APR of 23.99 % dnd makes no new purchases. The minimum payment is always 7 % and that is the payment you make each month. Month Carry-Over Balance Finance Charge Minimum Payment New Balance $240.00 1 2 3 4 4. Find the balance on the credit card after 3 months with the following information: APR 15.99 % Carry-Over balance for month 1 $793.16 Minimum payment is $50 or 8 %, whichever is greater Minimum Payment Finance Charge New Balance Month Carry-Over Balance $793.16 2 3 4 5. Using Excel, create a chart with the following information below. How many months will pass by until the card reaches approximately a zero balance? (This means the actual balance, not the minimum payment!) Use the following information: Initial charge of 2700 on the card. APR of 18 % Only the minimum payment is made each month of 6.4 % 3. Fill in the chart below using the information for Credit Card Finance. He starts with $240 and an APR of 23.99 % dnd makes no new purchases. The minimum payment is always 7 % and that is the payment you make each month. Month Carry-Over Balance Finance Charge Minimum Payment New Balance $240.00 1 2 3 4 4. Find the balance on the credit card after 3 months with the following information: APR 15.99 % Carry-Over balance for month 1 $793.16 Minimum payment is $50 or 8 %, whichever is greater Minimum Payment Finance Charge New Balance Month Carry-Over Balance $793.16 2 3 4 5. Using Excel, create a chart with the following information below. How many months will pass by until the card reaches approximately a zero balance? (This means the actual balance, not the minimum payment!) Use the following information: Initial charge of 2700 on the card. APR of 18 % Only the minimum payment is made each month of 6.4 %
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
