I Need Help On Some Math.?
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Im taking my senior math, but its like stuff i’ve never seen before and you have to know about banking and stuff… so your help is greatly appreciated.
1.Iona has a previous balance of $754 on a credit card with a 16.8% APR compounded monthly. If she made a payment of $50 this month, what is the new balance on her credit card?
2.Ethan opened a credit card at a department store with an APR of 18.24% compounded quarterly. What is the APY on this credit card?
3.Which type of interest rate reflects the effects of compounding?
annual interest rate
periodic interest rate
4.Choose the fragment which best completes the following sentence. Interest charges will not be applied to a credit card when
the balance is paid off during the grace period
the minimum payment is made during the grace period
the minimum payment is made before the due date
the balance is paid off during the next billing cycle
5.Katherine uses her credit card to purchase a new television for $709.15. She can pay off up to $350 per month. The card has an annual rate of 25.7% compounded monthly. How much will she pay in interest?
6.Debbie opens a credit card with an APR of 12.17% compounded monthly. How much is charged in interest this month if her balance is $950?
7.Marilyn uses a credit card with a 19.9% APR compounded monthly to pay for car repairs totaling $991.38. She can pay $410 per month on the card. What will the total cost of this purchase be?
8.Ken owes $6,451 on a credit card with an 18.6% interest rate compounded monthly. What is the monthly payment he should make in order to pay off this debt in 12 months, assuming he does not charge any more purchases with the card?
9.Expert Card has an APR of 11.5% compounded monthly. Passport has a daily periodic interest rate of 0.0385%. Explore has a monthly periodic interest rate of 1.15%. Which card has the higher APR?
Expert Card and Explore are equally high