Hello chegg thank you for your time & help How can we work out these problems Wo
ID: 3115583 • Letter: H
Question
Hello chegg thank you for your time & helpHow can we work out these problems
Would we start with 280x14 ? For the first 27) The following table shows the expenses and an initial balance three months, to the nearest $10. Assume that the Ahe pviosm 27) on a credit card for 3 months, starting with help you of $280. Use the table as a a given mo1Am ide to help you find the balance at the end of the APR for,the credit card is 18%, and that the on the balance for the previous month onth Pyment Expenses Interess Balance 2$90 $480 3$530 $40 A) $770 D) $760 B) $780 C) $750 0, se the table as a guide to heip you find the balance at the end of the e nearest $10. Assume that the APR for the credit card is 20%, and that the 28) The following table shows the payments expenses and payments on a credit card for 3 months, starting with three months, to th interest for a given month is based on the balance for the previous month. Month Interest Balance 1$A50 $650 2 $270 $360 D) $1500 3 $175 S430 C) $1510 B) $1530 A) $1520
Explanation / Answer
27). The closing balance at the end of month 0 is $ 280. The monthly interest rate being 18%/12 = 1.5 %, the interest payable in the 1st month is $ 280*1.5 % = $ 4.20. In addition, the expenses in the 1st month are $ 170 in excess of the payment so the closing balance at the end of month 1 is $ 280+4.2+170 = $454.2. The interest @ 1.5 % on this amount is $ 6.81. In the 2nd month, the expenses are $ 390 in excess of the payment so the closing balance at the end of month 2 is $ 454.2+6.81+390 = $ 851.01. The interest @ 1.5 % on this amount is $ 12.77. In the 3rd month, the payments are $ 90 in excess of the expenses so the closing balance at the end of month 3 is $ 851.01+12.77 -90 = $ 773.78.
On rounding off to the nearest $ 10, the answer is option A) i.e. $ 770.
28. The closing balance at the end of month 0 is $ 920 The monthly interest rate being 20%/12 = 5/3 %, the interest payable in the 1st month is $ 920*5/3 % = $ 15.33. In addition, the expenses in the 1st month are $ 200 in excess of the payment so the closing balance at the end of month 1 is $ 920+15.33+200 = $1135.33. The interest @ 5/3 % on this amount is $18.92. In the 2nd month, the expenses are $ 90 in excess of the payment so the closing balance at the end of month 2 is $ 1135.33+18.92+90 = $ 1244.25. The interest @ 5/3% on this amount is $20.74. In the 3rd month, the expenses are $ 255 in excess of the expenses so the closing balance at the end of month 3 is $ 1244.25+20.74+255 = $ 1519.99.
On rounding off to the nearest $ 10, the answer is option A) i.e. $ 1520.
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