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kaylababyy94

2. Danielle opens a credit card with an APR of 22.79% compounded monthly. How much is charged in interest this month if her balance is $1550? (1 point) $353.25 $129.17 $29.44 $22.79 3. Expert Card has an APR of 20.4% compounded monthly. Passport has a daily periodic interest rate of 0.0425%. Explore has a monthly periodic interest rate of 1.55%. Which card has the higher APR? (1 point) Expert Card Passport Explore Expert Card and Explore are equally high

  • one year ago
  • one year ago

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  1. mathstudent55
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    2. 22.79%/year = 27.99/100/12 /month = 0.0189917 0.0189917 x $1550 = $29.44

    • one year ago
  2. kaylababyy94
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    Do you know 3?

    • one year ago
  3. jerry_5594
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    Expert Card and Explore are equally high

    • one year ago
  4. kaylababyy94
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    Can I get help on some more?

    • one year ago
  5. kaylababyy94
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    4. Earl opened a credit card at a department store with an APR of 20.95% compounded daily. What is the APY on this credit card? (1 point) 5.74% 23.30% 41.90% 46.29% 5. Choose the fragment that best completes the following sentence. The billing cycle of a credit card is the time period (1 point) between your last payment and your current payment. between your last closing date and your current closing date. when you can make a payment without owing late charges. when you can pay off your balance without owing any interest. 6. Iona has a previous balance of $754 on a credit card with a 16.8% APR compounded monthly. If she made a payment of $50 this month, what is the new balance on her credit card? (1 point) $714.56 $830.67 $704.00 $880.67

    • one year ago
  6. mathstudent55
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    F = P(1 + i)^n F = future value P = present value i = interest rate per period (as decimal) n = number of periods All you need ot compare here is the part of teh formula that deals with the interest: (1 + i)^n Expert: 20.4%/year compounded monthly Passport: 0.0425%/compounded daily Explore: 1.55%/month Expert (1 + 20.4/100/12)^12 = 1.2242, or 22.42% interest per year Passport (1 + 0.000425)^365 = 1.1678, or 16.78% interest per year Explore (1 + 0.0155)^12 = 1.2027 or 20.27% interest per year Highest interest is on Expert

    • one year ago
  7. kaylababyy94
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    I don't understand this stuff. /: Do you know the answers?

    • one year ago
  8. mathstudent55
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    4. 20.95% compounded daily I = (1 + i)^n = (1 + 20.95/100/365)^365 = 23.299%

    • one year ago
  9. kaylababyy94
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    What about the other two?

    • one year ago
  10. mathstudent55
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    5. between your last closing date and your current closing date

    • one year ago
  11. mathstudent55
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    6. 754.00 + (16.8/12/100)754 = 754.00 + 10.56 = 764.56 After $50 payment: 764.56 - 50 = $714.56

    • one year ago
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