Suppose the billing cycle for your credit card is from the first day of each month...

  

 
 

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Suppose the billing cycle for your credit card is from the first day of each month to the last day of each month. And the due date is on the 21st each month. APR: 24% Rewards: 3% on restaurants, 2% on gas, 1% on all other purchases. Minimum due: $35 Late fee: $25 You have made the following transactions the past month and haven't paid off anything yet: October 10th, bought a meal at Chick-fil-A for $9.89. October 20th, bought a book for $19.99. October 26th, purchased a laptop at Micro Center for $699. October 30th, spent $29 on gas. November 1st, spent $38 at a grocery store. November 6th, bought a bus ticket for $12. Question: 1. How much is your current balance? 2. How much is your last statement balance? 3. What is the minimum amount you need to pay to avoid the $25 late fee? 4. What is the minimum amount you need to pay to avoid the interest charge? 5. Suppose you forget to pay your credit card balance and it's past due for a whole year, how much interest you need to pay for this year? Suppose the billing cycle for your credit card is from the first day of each month to the last day of each month. And the due date is on the 21st each month. APR: 24% Rewards: 3% on restaurants, 2% on gas, 1% on all other purchases. Minimum due: $35 Late fee: $25 You have made the following transactions the past month and haven't paid off anything yet: October 10th, bought a meal at Chick-fil-A for $9.89. October 20th, bought a book for $19.99. October 26th, purchased a laptop at Micro Center for $699. October 30th, spent $29 on gas. November 1st, spent $38 at a grocery store. November 6th, bought a bus ticket for $12. Question: 1. How much is your current balance? 2. How much is your last statement balance? 3. What is the minimum amount you need to pay to avoid the $25 late fee? 4. What is the minimum amount you need to pay to avoid the interest charge? 5. Suppose you forget to pay your credit card balance and it's past due for a whole year, how much interest you need to pay for this year?

Answer rating: 100% (QA)

1 Your current balance is ... View the full answer