f1 esWord Problem 14-20 (Static) [LU 14-2 (1)]Cindi Cavalier was furloughed from her job at Red Robin Garden Store for six months at the start of the pandemic. She normally haspaid her credit card off each month. Because of being furloughed, however, she has been unable to. Calculate Cindi's average dailybalance, finance charge, and new balance. Her finance charge is 17% APR.Note: Do not round intermediate calculations. Round your final answers to the nearest cent.30-day billing cycleJune 1June 3Previous balance$868Charge, Safeway102June 10Charge, CS Utilities225June 15Credit, Amazon75June 20Charge, Shell68June 2950Average daily balanceFinance chargePaymentNew balance

Step 1: Determine the number of days for each outstanding balances.June 1 to June 2 = 2 daysJune 3…

Answered: es Word Problem 14-20 (Static) [LU 14-2…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 3FPE

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Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day billing cycle. The current balance is x and the APR is 24%. Rebecca is buying a friend an expensive gift that costs $1,400 that she plans to put on her credit card. This will be her only purchase this month. She will bemaking this purchase on the last day of the month. Part A if her finance charge will be $51 write and solve an equation to determine her current balance on her credit card show your work. Part B How much in finance charges can she save by making the purchase on the last day of the billing versus the first day of billing? Explain
Joelle prefers to pay by credit card, but her card was declined. She B returns home to call her bank. They informed her that her credit limit using this card is $300. The credit card she has currently charges a 19.2% annual interest rate compounded monthly. The table to the right shows the balance, 8, of her account after m months. 100 119.2 142.09 169.37 4 201.89 15 240.65 286.85 Question 2A: Based on the information given, why might Joelle not have been able to use her credit card at Target? Part B: For each time period below, determine the rate of change: month 1 to month 2 month 2 to month 3 month 4 to month 6 month 3 to month 5 The time period with the greatest rate of change is: Part C: What do you notice about the average rate of change in this scenario? What does this indicate about the function we are working with? Please explain your response.
1. Alev has a $300 balance on her credit card that she forgot about. Each month, the balance increases by 13% due to compound interest. How much will her balance be 6 months from now if she continues to forget and not make any payments? Show your work AND explain your thinking.
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4 Diana Wade is evaluating her debt safety ratio. Her monthly take-home pay is $3,320. Each month, she pays $380 for an auto loan, $120 on a personal line of credit, $60 on a department store charge card, and $85 on her bank credit card. Complete Worksheet 6.1 by listing Diana’s outstanding debts, and then calculate her debt safety ratio. Given her current take-home pay, what is the maximum amount of monthly debt payments that Diana can have if she wants her debt safety ratio to be 12.5 percent? Given her current monthly debt payment load, what would Diana’s take-home pay have to be if she wanted a 12.5 percent debt safety ratio?
Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month
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QUESTION 1 Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a pay-day loan company. As long as she can pay the loan back at the end of the 30 day period she won't be charged any interest, technically. However, she did have to pay an $19 processing fee per $100 that she borrowed. If she were to consider the processing fee to represent interest paid in her formula, what would she discover to be the annual interest rate she was charged on her short term loan? QUESTION 2 The end of the month has arrived and Marina was only able to save up a portion of the money she owed so far. This means she will have to delay paying off on the remaining amount. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount until it is paid off. The APR (annual percentage rate) is 46.5%, but the interest is…

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