Summer1 2018 Professor WardS Homework MATU 103 Summer 1,2018, Professor Ward Sec
ID: 2616535 • Letter: S
Question
Summer1 2018 Professor WardS Homework MATU 103 Summer 1,2018, Professor Ward Section 2 Homework: Week 8- Homework 15- Chapter 13 Score: 0 of 1 pt 7 of 20 (7 complete) HW Score 13.2.49 Dorothy Laymon is considering two bank card offers that are the same in all respects except for the following Bank A charges no annualf Bank B charges a S21 annual fee and monthly interest of 1 02% on the unpaid balance From her records, Dorothy has found that the unpaid balance she tends to carry from month to month is quite consistent and averages $910 Estimate her total yearly cost to use the cardif she chooses the card from (o) Bank A (b) Bank B (a) Her total yearly cost to use the ca Round to the nearest cent as needed,) partExplanation / Answer
(a). Total yearly cost to use the card if she chooses the card from Bank A is = $136
(b). Total yearly cost to use the card if she chooses the card from Bank B is = $132
Explanation;
(a). Total yearly cost for Bank A will be calculated as follow;
Total yearly unpaid balance ($910 * 12) = $10920
Interest rate = 1.25%
Total cost ($10920 * 1.25 / 100) = $136.50 or $136
(b). Total yearly cost for Bank B will be calculated as follow;
Total yearly unpaid balance ($910 * 12) = $10920
Interest rate = 1.02%
Total interest ($10920 * 1.02 / 100) = $111.38
Annual fees = $21
Yearly cost ($21 + $111.38) = $132.38 or $132
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