Section 4) This is a 5 part question, please answer the following...

1) Joe has a Sports Academy credit card. The card has a balance of $2451.29 with an APR of 26.79%. The Academy expects the minimum payment to be 3.5% of the balance. What is Joe's minimum payment? How long will it take Joe to pay off his Sports Academy credit card? How much interest will Joe pay if he only pays the minimum payment?

• Minimum payment_
• Months to payoff_
• Interest_

2) The balance of my MasterCard is $9345 with an APR of 28.25%. I make the minimum payment of $300 a month. How long will it take to pay off my MasterCard and how much interest will I pay?

A) 55 months; $8155.75

B) 55 months; $8077.15

C) 57 months; $5188

D) 57 months; $8155

3) Kristen's credit card APR is 19.77% compounded daily. What is her actual interest rate per year?

A) 21.85%

B) 21.17%

C) 20.98%

D) 19.77%

4) Tom has a credit card with an APR of 24.95% and a current balance of $13,650.35. He wants to pay it off in 3 years. What will Tom's monthly payment be? (Remember a credit card is compounded monthly.) Round to the nearest dollar.

5) Julie has a credit card with an APR of 27.99% and a current balance of $10,350.65. She wants to pay it off in 3 years. What will Julie's monthly payment be? (Remember a credit card is compounded monthly.) Round to the nearest dollar.