Word 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 has paid her credit card off each month. Because of being furloughed, however, she has been unable to. Calculate Cindi's average dail balance, 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. June 1 June 3 30-day billing cycle Previous balance Charge, Safeway $868 102 June 10 Charge, CS Utilities 225 June 15 Credit, Amazon 75 June 20 Charge, Shell 68 June 29 50 Average daily balance Finance charge Payment New balance

Word 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 has paid her credit card off each month. Because of being furloughed, however, she has been unable to. Calculate Cindi's average dail balance, 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. June 1 June 3 30-day billing cycle Previous balance Charge, Safeway $868 102 June 10 Charge, CS Utilities 225 June 15 Credit, Amazon 75 June 20 Charge, Shell 68 June 29 50 Average daily balance Finance charge Payment New balance

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

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 9FPE

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Teri Silva’s Whisker Watcher pet watching business shut down during the pandemic since people were no longer traveling and therefore didn’t need her pet watching service. To help her until she found a new job, Teri’s credit union offered her a $9,500 personal loan requiring no collateral with payments of $218.78 monthly for 4 years. Calculate her APR by table. (Use Table 14.1)
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…
Saint Paul ne Apote n ts 0. Kyle used the equation y = 300(1.09)* , where x represents months and y represents the amount ne owes, to predict how much he has to pay on his credit card bill if he does not make any payments each month. a. What is Kyle's original credit card bill? b. What is the interest rate on his credit card? С. How much money will Kyle owe if he does not pay off his balance for 6 months? 9. The population of the deer on Walla Walla Island doubles every year. The island began with 8 deer. Write a function that models the change in the animal population: a. b. How many deer will there be after 5 years? How many deer will there be after 10 years? С.
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?
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
Solve urgent i will rate Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now, Madeline is living at home and works in a shoe store, earning a gross income of $1,220 per month. Her employer deducts a total of $300 for taxes from her monthly pay. Madeline also pays $180 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $270 per month. Calculate her debt payments-to-income ratio with and without the college loan. (Remember the 20 percent rule.) (Enter your answers as a percent rounded to 2 decimal places.) Can she currently afford the school loan? multiple choice Yes No
pts Jerrod Dean starts the month with a balance on his credit card of $1,110. On the 10th day of the month, he purchases $210in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $250. The bank charges 1.5 percent interest per month using the adjusted balance method (and excludes new purchases). What would Jerrod's finance charges be for the month?$9.90$11.40$8.40$12.90
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.
Word Problem 14-12 (Algo) [LU 14-2 (1)] If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 12% APR and the following transactions? Note: Round your answer to the nearest cent. 31 - day billing cycle 10/1 Previous balance $ 1, 160 10/3 Credit $ 83 Credit 10/12 Charge: King Soopers S 144 10/15 Payment S 270 Credit 10/25 Charge: Delta $ 317 10/30 Charge: Holiday Fun S 57 What is the amount owed?
Word Problem 14-12 (Algo) [LU 14-2 (1)] If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? Note: Round your answer to the nearest cent. 10/1 10/3 10/12 10/15 10/25 10/30 Amount owed 31-day billing cycle Previous balance Credit Charge: King Soopers Payment Charge: Delta Charge: Holiday Fun $ 62 $ 165 $ 480 $ 338 $78 Credit Credit $ 1,181
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.
Calculating debt safety ratio using Worksheet 7.1. Prepare an inventory of Leo’s consumer debt. Find his debt safety ratio given that his take-home pay is $2,500 per month. Would you consider this ratio to be good or bad? Explain. Every six months, Leo Perez takes an inventory of the consumer debts that he has outstanding. His latest tally shows that he still owes $4,000 on a home improvement loan (monthly payments of $125); he is making $85 monthly payments on a personal loan with a remaining balance of $750; he has a $2,000, secured, single-payment loan that’s due late next year; he still owes $8,600 on a new car loan (monthly payments of $375); and he has a $960 balance on his MasterCard (minimum payment of $40), a $70 balance on his Shell credit card (balance due in 30 days), and a $1,200 balance on a personal line of credit ($60 monthly payments).