Answer to Question #346614 in Financial Math for Mome

Question

CREDIT CARDS

1) How much interest is due on an unpaid credit card balance of $1047.28 at a rate of 21.25% for 27 days?

2) How much interest is due on an unpaid credit card balance of $2111.67 at a rate of 18.5% for 5 months?

3) Adam has an unpaid credit card balance of $765.43 that charges an interest rate of 19.75%. If his payment was due on September 23, how much interest will he owe on October 14? Hint: September has 30 days.

4) Debbie has an unpaid credit card balance of $568.93. Her credit card company charges 24% per year, counting each day that an amount is owed. If she did not pay anything on July 10, her due date, how much does she owe on her next statement date, August 2? July has 31 days.

5) Stuart has an unpaid credit card balance of $268.67. What is his minimum payment if his credit card company charges an interest rate of 18.25%, and Stuart must pay 3% or $25, whichever is greater?

Answer 1

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