Business, 13.11.2019 17:31 ezzyandrade7

With a beginning balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. the apr is 24.99% and the minimum payment each month is 3% of the balance. determine the finance charge, new balance, and minimum payment required for each of the next three months, and the starting balance for month 4 in the table below.

month starting balance finance charge new balance minimum payment
1 $1200
2
3
4
a) what is the total of minimum payments?

b) what is the total of the finance charges?

c) how much does the starting balance decrease after these three payments?

d)the total of your finance charges is what percent of our total payments?

e) explain why making the minimum payment all the time is great for the credit card company, but not so great for the user.

f) explain why having a credit card and using it wisely is beneficial to you.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 04:30

Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.

Answers: 1

Answer

Business, 22.06.2019 19:40

Best burger is a major fast food chain. its managers are motivated to grow the firm in order to increase their market power and change the industry structure in their favor. which of the following strategies is most associated with their motive for growth? a. employing celebrity spokespeople b. implementing automated burger-making machinery c. purchasing competitors d. increasing executive salaries

Answers: 3

Answer

Business, 22.06.2019 21:20

What business practice contributed most to andrew carnegie’s ability to form a monopoly?

Answers: 1

Answer

Business, 22.06.2019 22:00

Suppose that a paving company produces paved parking spaces (q) using a fixed quantity of land (t) and variable quantities of cement (c) and labor (l). the firm is currently paving 1,000 parking spaces. the firm's cost of cement is $3 comma 600.003,600.00 per acre covered (c) and its cost of labor is $35.0035.00/hour (w). for the quantities of c and l that the firm has chosen, mp subscript upper c baseline equals 60mpc=60 and mp subscript upper l baseline equals 7mpl=7. is this firm minimizing its cost of producing parking spaces?

Answers: 3

Answer

You know the right answer?

With a beginning balance of $1200 and no additional charges during the next three months, you will j...

Questions