Solution-Finance charge on the credit card account

Finance charge on the credit card account

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Reference no: EM131397227

1. Estimate the annual percentage rate for the add on loan using the given number of payment and annual interest rate.

n-42: r =4% APR_____%

2. Use the unpaid balance method to find the finance charge on the credit card account The last month's balance and any other other transactions are given. Round to two decimal places. Last month's balance $505; payment, $204; interest rate ,17%; brought camera, $84 and bought jacket $130. Please show work how you solve problem.

3. Compute the monthly payment for an add-on interest loan of $1550 with an annual interest rate of 12 percent and a term of 3 years. the monthly payment is $________ round to the nearest cent

4. Use the compound interest formula A= 42,000, P = 28,000, r = 7 percent t=_________ round to the nearest year

5. Use the formula for computing future value using compound interest to determine the value of an account at the end of 10 years if a principal amount of $2,500 is deposited in an account at an annual interest rate of 7% and the interest is compounded daily. Assume there are 365 days in a year. The amount after 10 years will be $_________ round to the nearest cent as needed

Reference no: EM131397227

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Finance charge on the credit card account

Reference no: EM131397227

Reference no: EM131397227

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