CRAUDQL3 4.4.013.
MY NOTES
ASK YOUR TEACHER
You have a credit card with an APR of 20%. You begin with a balance of $800. In the first month, you make a payment of $500 and you make charges amounting to $300. In the second month, you make a payment of $300 and you make new charges of $700.
Complete the following table: (Round your answers to the nearest cent.)
Previous balance Payments Purchases Month 1 $800 $500 $300 Month 2 $ $300 $700
Finance charge $
New balance $
CRAUDQL34.4.015
MY NOTES
ASK YOUR TEACHER
You have a credit card with an APR of 21.8%. You begin with a balance of $1200, in response to which you make a payment of $200. In the first month, you make charges amounting to $550. You make a payment of $200 to reduce the new balance, and in the second month, you charge $700.
Complete the following table: (Round your answers to the nearest cent.)
Payments Purchases Finance charge Month 1 $1200 $550 $ Month 2 $200 $700 $
CRAUDQL34.4.017.
MY NOTES
ASK YOUR TEACHER
Assume that you start with a balance of $5000 on your Visa credit card. During the first month, you charge $400, and during the second month, you charge $300. Assume that Visa has finance charges of 30% APR and that each month you make only the minimum payment of 2% of the balance.
Complete the following table: (Round your answers to the nearest cent.)
Minimum payment Balance Month 1 $5000.00 $400 Month 2 $ $300