Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance You have a credit card with an APR of 28%. The minimum amount payment is 12% of the balance. Suppose you have a balance of $1050. You decide to stop charging and make only the minimum payment. Complete the table. Round your answers to the nearest cent Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance
Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance You have a credit card with an APR of 28%. The minimum amount payment is 12% of the balance. Suppose you have a balance of $1050. You decide to stop charging and make only the minimum payment. Complete the table. Round your answers to the nearest cent Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume that you start with a balance of $610 on your credit card.During the first month you charge $180 and make a payment of $400. During the second month you charge $100 and make a payment of $280. Assume that your credit card charges a 24% APR. Complete the following take table. Round your answer to the nearest cent.
Table
1 month- Previous balance- Finance charge- Purchase- Payments- New balance
2 month- Previous balance- Finance charge- Purchase- Payments- New balance
You have a credit card with an APR of 28%. The minimum amount payment is 12% of the balance. Suppose you have a balance of $1050. You decide to stop charging and make only the minimum payment. Complete the table. Round your answers to the nearest cent
Table
1 month- Previous balance- Finance charge- Purchase- Payments- New balance
2 month- Previous balance- Finance charge- Purchase- Payments- New balance
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