1 answer

Determine the total amount of interest you will pay over the next 3 months on a credit balance of $725

Question:

Determine the total amount of interest you will pay over the next 3 months on a credit balance of $725 if your credit card has an annual interest rate of 18% and you make monthly payments of 10% of the amount due, rounded to the nearest dollar.

Answers

Month 1:
interest due = 725(.015) = 10.875
balance owing =735.875
payment made = 73.58
reduction in balance = 73.58 - 10.875 =62.71
balance at end of month 1 = 662.29

month 2
interest due = 662.29(.015) = 9.93
balance owing = 672.22
payment made = 67.22
reduction in balance = 67.22-9.93 = 57.29
balance at end of month 2 = 614.93

month 3
(repeat above steps)

add up the interest for the three months.

check my arithmetic.

Similar Solved Questions

1 answer
A warehouse is planned at suburban housing area (i.e. Terrain Category 3) in Gold Coast (Region...
A warehouse is planned at suburban housing area (i.e. Terrain Category 3) in Gold Coast (Region B) The return period for wind loading is 500 years (ie. important 2) The plan dimensions of the building are 12 x 7.5 m. The eaves are 5.9 m 5 m CRS 5.9 m 6.1 m *_ high and the rigid roof height is 6.1m R...
1 answer
A 0.32 μC particle moves with a speed of 20 m/sm/s through a region where the...
A 0.32 μC particle moves with a speed of 20 m/sm/s through a region where the magnetic field has a strength of 0.95 T . At what angle to the field is the particle moving if the force exerted on it is 4.8×10−6N?   At what angle to the field is the particle moving if the force...
1 answer
Two charged particles are located in the X-Y Plane. Plane Particle 1 carries 0.890 uC of...
Two charged particles are located in the X-Y Plane. Plane Particle 1 carries 0.890 uC of charge and is located at x = 4.57 m and y = 0.42 m. - 1.24 Particle 2 carries 0.950 uC of charge and is located at x = 1.16 m and y = -0.16 m. 1.34 n Find the X component of the Electric Field at a Point located...
1 answer
Researchers will create a confidence interval for the proportion of all first-grade children who are overweight....
Researchers will create a confidence interval for the proportion of all first-grade children who are overweight. The chance that this method will provide a correct result is determined by the a. sample size. b. level of confidence c. sample mean. d. population standard deviation....
1 answer
In the Check Your Learning section how did they get that value of K? Calculating an...
In the Check Your Learning section how did they get that value of K? Calculating an Equilibrium Constant using Standard Free Energy Change Given that the standard free energies of formation of Ag'(aq), CI (aq), and AgCl(s) are 77.1 kJ/mol, -131.2 kJ/mol, and -109.8 kJ/mol, respectively, ca...
1 answer
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: A. Net income, $190,000. B. Depreciation reported on the incom...
1 answer
300,000 shares outstanding Julie, Inc., has a total debt ratio of 0.20. In addition, the company...
300,000 shares outstanding Julie, Inc., has a total debt ratio of 0.20. In addition, the company had additions to retained earnings for the year just ended of $400,000, the firm paid out $250,000 in cash dividends, and it has ending total equity of $4 million. 2.4 a. (2 points) What are the dividend...
1 answer
Find the area of the shaded region of the figure. Use 3.14 for it as necessary....
Find the area of the shaded region of the figure. Use 3.14 for it as necessary. 3 cm OA 10.26 6 cm? OB. 19.26 cm? O C. 47.52 cm? OD. 9.63 cm?...
1 answer
Where ther e and trop in a ceruty on world tha t were to waste the...
where ther e and trop in a ceruty on world tha t were to waste the current on a sobom ter with no 45 d an 4 Answert a) Find the probably that only w ed your passponse was less than The probably the only receduty participants was hands ound to four deci d ed...
1 answer
A bicyclist is finishing his repair of a flat tire when a friend rides by at...
A bicyclist is finishing his repair of a flat tire when a friend rides by at 3.4 m/s. Two seconds later, the bicyclist hops on his bike and accelerates at 2.8 m/s2 until he catches his friend. I have gotten to 0 = 1.4t^2 - 3.4t - 6.8 and used the quadratic equation, but it gives me the incorrect ans...
1 answer
QUESTION 7 5 point What is the magnitude of the electric field at a distance of...
QUESTION 7 5 point What is the magnitude of the electric field at a distance of 66 cm from a 76 C charge, in units of NC?...
1 answer
Lab 7 Transactions to analyze and journalize In this lab we will continue with analyzing and...
Lab 7 Transactions to analyze and journalize In this lab we will continue with analyzing and journalizing transactions and now we will be using adjusting entries. Below is a list with a few transactions. Use the Journal page provided in the lab folder to journalize these transactions. Use the Chart ...
1 answer
Suggested Sites Chem Concepts F19 <Ch 08 HW Problem 8.50 In the Fukushima nuclear reactor that...
Suggested Sites Chem Concepts F19 <Ch 08 HW Problem 8.50 In the Fukushima nuclear reactor that failed in March 2011, zirconium metal reacted with steam to produce hydrogen gas. Zr + 2 H2O + ZrO2 + 2H2 Part A What substance was oxidized in the reaction? Express your answer as a chemical formula. S...
1 answer
Answer Question 17 (1 point) During the latest year, XYZ Corporation has total sales of $200,000,...
Answer Question 17 (1 point) During the latest year, XYZ Corporation has total sales of $200,000, net income of 20,000, and its year end total assets were $200,000. The firm's total debt to total assets ratio was 30%, what is firm's return on assets (ROA)? (Enter your answers as a decimal ro...
1 answer
A structure has the stresses on its most critical point (a) as shown. If the yield...
A structure has the stresses on its most critical point (a) as shown. If the yield strength for the material is Sy=420 MPa. Determine the following 1. Draw Mohr's Circle for the stress element 2. Principal Stress element showing all stresses and angle 3. Maximum Shear Stress element showing all ...
1 answer
How do you know if the conic section #3x^2 +6x + 5y^2 -20y- 13= 0# is a parabola, an ellipse, a hyperbola, or a circle?
How do you know if the conic section #3x^2 +6x + 5y^2 -20y- 13= 0# is a parabola, an ellipse, a hyperbola, or a circle?...