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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
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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mathstudent55Best ResponseYou've already chosen the best response.1
2. 22.79%/year = 27.99/100/12 /month = 0.0189917 0.0189917 x $1550 = $29.44
 one year ago

jerry_5594Best ResponseYou've already chosen the best response.0
Expert Card and Explore are equally high
 one year ago

kaylababyy94Best ResponseYou've already chosen the best response.0
Can I get help on some more?
 one year ago

kaylababyy94Best ResponseYou've already chosen the best response.0
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

mathstudent55Best ResponseYou've already chosen the best response.1
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

kaylababyy94Best ResponseYou've already chosen the best response.0
I don't understand this stuff. /: Do you know the answers?
 one year ago

mathstudent55Best ResponseYou've already chosen the best response.1
4. 20.95% compounded daily I = (1 + i)^n = (1 + 20.95/100/365)^365 = 23.299%
 one year ago

kaylababyy94Best ResponseYou've already chosen the best response.0
What about the other two?
 one year ago

mathstudent55Best ResponseYou've already chosen the best response.1
5. between your last closing date and your current closing date
 one year ago

mathstudent55Best ResponseYou've already chosen the best response.1
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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