Use the bank statement attached to this assignment to answer the questions

a.)The Fees Charged totaled $69.45. How did that break down?

b.)When is the payment due?

c.) What is the penalty APR?

d.) If you make no additional charges using this card and each month you pay only the minimum payment, how long will it take you to pay off the balance shown?

e.) If you only make the minimum payments on a balance of $1,798.14, you will pay an estimated $3,284.00. How much interest is that?

f.) What does APR stand for?

g.)The APR for purchases is what?

h.) The APR for cash advances is what?

XXX Bank Credit Card Account Statement Account Number xx xx xxcox xocx February 21, 2018 to March 22, 2018 Statement Date 03/22/16 Summary of Account Activity Previous Balance Payments Other Credit Purchases Balance Transfers Cash Advances Past Due Amount Foos Charged Interest Charged $535.07 $450.00 $0.00 +$529.57 +$785.00 +$318.00 $0.00 $60.45 +$11.05 Payment Information New Balanco $1,798.14 Minimum Payment Due $53.00 Payment Due Date 4/20/18 Late Payment Warning: If we do not receive your minimum Payment by the date listed above, you may have to pay a $25 late fee and your APRs may be increased up to the Penalty APR of 28.99% New Balance $1.798.14 Credit limit Available credit Statement closing date Days in billing cycle $2,000.00 $201.86 3/22/2016 30 Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example: If you make no You will pay off the And you will additional charges balance shown on end up paying using this card and this statement in as estimated each month you pay... about... total of... Only the minimum 10 years $3,284 peyment $2,232 $62 3 years (Savings = $1,052) Questions? Call Customer Service 1-XX-XXX-XXX Lost or Stolen Credit Card 1-XOX-XXX.XXX you would like information about credit counseling services, call 1-800-X06-XXX Please send billing inquiries and correspondence to: PO Box XXX, Anytown, Anystate XXX Amount $146.19 Transactions Reference Number 5884186PS0388WOYM 854338203F5800075 584891561545KOSHD 1542202074TWWZ148 4545754784KOHUIOS 2564561023184102315 045148714516979874 0547810544898718AF Trans Date 2/22 2/25 2/25 2/26 2/27 2/28 3/4 3/15 $247.36 $318.00 $765.00 $ 34.32 $ 29.45 $ 72.25 Post Date Description of Transaction or Credit 2/23 Store 81 2/25 Pymt Thank You 2/26 Store #2 2/26 Cash Advance 3/1 Balance Transfer 3/1 Store #13 3/5 Store #4 3/17 Store #5 Foos 2/23 Late Fec 2/27 Balance Transfer Fee 2/28 Cash Advance Foo TOTAL FEES FOR THIS PERIOD Interest Charged Interest Charge on Purchases Interest Charge on Cash Advances TOTAL INTEREST FOR THIS PERIOD 9525156489SFD45450 84151564SADS874H 256489156189451516L 2/23 2/27 2/28 $25.00 $23.55 $20.90 $69.45 $ 6.40 $ 4.65 $11.05 2018 Totals Year-to-Date Total fees charged in 2018 Total interest charged in 2018 $90.14 $18.27 Interest Charge Calculation Your Annual Percentage rate (APR) is the stated interest rate on your account. Balances Subjoct to Type of Balance Annual Percentage Rate (APR) Interest Rate Purchases 14.99% (M $512.14 Cash Advances 21.99% (V) $253.50 Balance Transfers 0.00% $637.50 Penalty APR 28.99% $ 0.00 M = Variable Rate Interest Charge $6.40 $4.65 $0.00 $0.00 Tue 14 U13 CTTYISIT TULeu Slates) XXX Bank Credit Card Account Statement Account Number xx xx xxcox xocx February 21, 2018 to March 22, 2018 Statement Date 03/22/16 Summary of Account Activity Previous Balance Payments Other Credit Purchases Balance Transfers Cash Advances Past Due Amount Foos Charged Interest Charged $535.07 $450.00 $0.00 +$529.57 +$785.00 +$318.00 $0.00 $60.45 +$11.05 Payment Information New Balanco $1,798.14 Minimum Payment Due $53.00 Payment Due Date 4/20/18 Late Payment Warning: If we do not receive your minimum Payment by the date listed above, you may have to pay a $25 late fee and your APRs may be increased up to the Penalty APR of 28.99% New Balance $1.798.14 Credit limit Available credit Statement closing date Days in billing cycle $2,000.00 $201.86 3/22/2016 30 Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example: If you make no You will pay off the And you will additional charges balance shown on end up paying using this card and this statement in as estimated each month you pay... about... total of... Only the minimum 10 years $3,284 peyment $2,232 $62 3 years (Savings = $1,052) Questions? Call Customer Service 1-XX-XXX-XXX Lost or Stolen Credit Card 1-XOX-XXX.XXX you would like information about credit counseling services, call 1-800-X06-XXX Please send billing inquiries and correspondence to: PO Box XXX, Anytown, Anystate XXX Amount $146.19 Transactions Reference Number 5884186PS0388WOYM 854338203F5800075 584891561545KOSHD 1542202074TWWZ148 4545754784KOHUIOS 2564561023184102315 045148714516979874 0547810544898718AF Trans Date 2/22 2/25 2/25 2/26 2/27 2/28 3/4 3/15 $247.36 $318.00 $765.00 $ 34.32 $ 29.45 $ 72.25 Post Date Description of Transaction or Credit 2/23 Store 81 2/25 Pymt Thank You 2/26 Store #2 2/26 Cash Advance 3/1 Balance Transfer 3/1 Store #13 3/5 Store #4 3/17 Store #5 Foos 2/23 Late Fec 2/27 Balance Transfer Fee 2/28 Cash Advance Foo TOTAL FEES FOR THIS PERIOD Interest Charged Interest Charge on Purchases Interest Charge on Cash Advances TOTAL INTEREST FOR THIS PERIOD 9525156489SFD45450 84151564SADS874H 256489156189451516L 2/23 2/27 2/28 $25.00 $23.55 $20.90 $69.45 $ 6.40 $ 4.65 $11.05 2018 Totals Year-to-Date Total fees charged in 2018 Total interest charged in 2018 $90.14 $18.27 Interest Charge Calculation Your Annual Percentage rate (APR) is the stated interest rate on your account. Balances Subjoct to Type of Balance Annual Percentage Rate (APR) Interest Rate Purchases 14.99% (M $512.14 Cash Advances 21.99% (V) $253.50 Balance Transfers 0.00% $637.50 Penalty APR 28.99% $ 0.00 M = Variable Rate Interest Charge $6.40 $4.65 $0.00 $0.00 Tue 14 U13 CTTYISIT TULeu Slates)