Mathematics, 11.11.2020 17:10 darrenmcfadden220

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.

Answers: 2

Show answers

Answers

Answer from: natasniebow

Here is the complete question.

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.

a) What is the total of minimum payments?

b) What is the total sum 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?

Step-by-step explanation:

Month Beginning Finance New Minimum

Balance Charge Balance Payment

1 $ 1200 24.99 1224.99 36.75

2 1188.24 24.75 1212.99 36.39

3 1176.60 24.50 1201.10 36.03

4 1165.07 24.26 1189.33 35.68

The total minimum payments for 3 months = 36.75 + 36.39 + 36.03

The total minimum payments for 3 months = $ 109.17

Total finance charges for 3 months = 24.99 + 24.75 + 24.50

Total finance charges for 3 months = $ 74.24

c. The starting balance decrease from 1200 to 1165.07, this implies that there is a reduction of $ 34.93

d. The total of finance charges = 74.24×(100/109.17)

The total of finance charges = 68% of total payments.

Answer from: Quest

Idrk but i think u should figure out the n dia n then the units it will make it way more easier

Answer from: Quest

The answer is 225 miles per 4.5 hours. hope this ; )

Another question on Mathematics

Mathematics, 21.06.2019 17:30

The sum of two numbers is 12 and their difference is 18 what are the two numbers

Answers: 1

Answer

Mathematics, 21.06.2019 19:30

Factor the polynomial 4x4 – 20x2 – 3x2 + 15 by grouping. what is the resulting expression? (4x2 + 3)(x2 – 5) (4x2 – 3)(x2 – 5) (4x2 – 5)(x2 + 3) (4x2 + 5)(x2 – 3)

Answers: 1

Answer

Mathematics, 21.06.2019 20:20

Abag contains 3 red marbles, 2 blue marbles, and 2 green marbles. one marble is picked, then another marble. assume that the selections are made with replacement. a) find the probability of picking two red marbles with replacement. b) find the probability of picking a red marble and a blue marble. assume the selections are made without replacement. c) find the probability of picking two red marbles without replacement. d) find the probability of picking a red marble and a blue marble without replacement.

Answers: 1

Answer

Mathematics, 21.06.2019 23:00

Someone answer this asap for the function f(x) and g(x) are both quadratic functions. f(x) = x² + 2x + 5 g(x) = x² + 2x - 1 which statement best describes the graph of g(x) compared to the graph of f(x)? a. the graph of g(x) is the graph of f(x) shifted down 1 units. b. the graph of g(x) is the graph of f(x) shifted down 6 units. c. the graph of g(x) is the graph of f(x) shifted to the right 1 unit. d. the graph of g(x) is the graph of f(x) shifted tothe right 6 units.

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