Cheyenne checked her department store credit card account balance online
and learned that it was $188.38. Afterward, she made a purchase in the
amount of $117.42. If her credit limit is $800, what is Cheyenne's remaining
available credit on this account?
$800 (credit limit) - $188.38 (current account balance) - $117.42 (purchase
amount) = $494.20
Therefore, Cheyenne's remaining available credit on this account is $494.20.
So the answer is option (a) $494.20 .
Jesse has a credit card with a balance of $918.87. The bank lowered his
credit limit to $1,500. What is Jesse's remaining available credit on this
account?
Credit limit = $1,500.00
Balance = $918.87
Remaining available credit = Credit limit - Balance
Remaining available credit = $1,500.00 - $918.87
Remaining available credit = $581.13
Therefore, Jesse's remaining available credit on his credit card account is
$581.13.
The correct answer is: $581.1
Franklin has a credit card with an APR of 23.2%. If he charges a purchase for
$1,220, what is the estimated amount Franklin will pay in finance charges on
that purchase?
The monthly interest rate can be calculated by dividing the APR by 12, which
gives us 0.232 / 12 = 0.0193. Multiplying this monthly interest rate with the
purchase amount gives us the estimated finance charge, which is 0.0193 *
1220 = 23.546. Therefore, the estimated amount Franklin will pay in finance
charges on that purchase is $23.55.
If your credit card has a 23.2% APR and your finance charges are calculated
monthly, what is the periodic rate on this credit card? Round to the nearest
ten-thousandth (0.0001) if necessary.
23.2% / 12 = 0.0193333 (rounded to 7 decimal places)
Samuel has a credit card with an APR of 22.7%. What is his monthly periodic
rate? Round to the nearest ten-thousandth (0.0001) if necessary.
Monthly Periodic Rate = APR / 12
Plugging in the given APR of 22.7%, we get:
Monthly Periodic Rate = 22.7% / 12 = 1.8917%
Sandy has a credit card with an APR of 24.7%. What is her monthly periodic
rate? Round to the nearest ten-thousandth (0.0001) if necessary.
Monthly Periodic Rate = APR / 12
Plugging in the given APR of 24.7%, we get:
Monthly Periodic Rate = 24.7% / 12 = 2.0583%
Freida's credit card has 21.8% APR. Her finance charge is calculated monthly.
The balance shown on her last statement was $2,074.19. She made a
payment of $285. What is the finance charge on Freida's current statement?
(Use a periodic rate that has four decimal places before you change the
percentage to a decimal)
APR = 21.8% Monthly Periodic Rate = APR / 12 = 0.218 / 12 =
0.01816666667 Daily Periodic Rate = Monthly Periodic Rate / Number of
Days in Month = 0.01816666667 / 30 = 0.00060555555
Finally, we can calculate the Finance Charge:
Finance Charge = 1,931.69 x 30 x 0.00060555555 = $34.99 (rounded to the
nearest cent)
Therefore, the answer is $35.20
New Balance = $2,074.19 + $530.87 + ($2,074.19 x 0.00060555555 x 30) $285.00 = $2,345.38
Therefore, the answer is $2,352.56 (rounded to the nearest cent).