Monthly Interest Rate Assignment | Homework for You

1. You own a credit card and in October, your bill comes to a total of $182.41. However, you cannot afford to pay this amount all at once and can only make the minimum payment each month. From the fine print on your credit card statement: “If you elect not to pay off your new balance in full, you may pay in monthly installments, but you must pay at least the minimum payment due on the statement. The minimum payment will include: 8.00% of the current balance (if your new balance is over $149.99) or $11.00 (if your balance is $11.00 $149.99) or the entire new balance (if your balance is under $11.00). All minimum due amounts are in whole dollars (rounded up to the nearest dollar). In the last month of payment, you will pay the entire new balance plus interest.” Your credit card charges you an APR of 14.75%.Homework For You

Don't use plagiarized sources. Get Your Assignment on
Monthly Interest Rate Assignment | Homework for You
Just from $13/Page
Order Now

(a) Look at the table on the next page. The first row has been filled out for you. Let’s find out how we got the first payment to be $15.00. According to the fine print above, is the total amount owed more or less than $149.99?

(b) If the amount is more than $149.99, find what 8% of that amount is and round up to a whole number.

(c) If the amount is less than $149.99 but more than or equal to $11.00, what will the minimum payment be?

(d) What is the monthly interest rate? Hint: Divide the APR as a decimal by 12 and round to five decimal places. Use this for the rest of the table.

(e) Now multiply the monthly interest rate as a decimal and the balance. Round to two decimal places.

(f) To find the principal payment, subtract the interest amount that you just found from the $15 payment.

(g) To find the ending balance, subtract the principal payment from the prior balance.

(h) Finally, to find the cumulative interest paid, add the amount(s) in the previous Interest column(s).

(i) Fill in the table on the next page. Follow the same steps as we did above. Get Finance homework help today

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

At, we always aim at 100% customer satisfaction. As such, we never compromise the quality of our essay services. Our essay helpers ensure that they craft each paper carefully to match the requirements in the instruction form.

Professional Academic Writers

With, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.

Affordable Prices

Our company maintains a fair pricing system for all paper writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.

On-Time delivery

MyHomeworkWriters guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.

100% Originality maintains a zero-plagiarism policy. As such, MyHomeworkWriters ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.

Customer Support 24/7

Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email:

Try it now!

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Samples

Our writers complete papers strictly according to your instructions and needs, no matter what university, college, or high school you study in.

All samples
Analysis (any type)
Argumentative essays
Dissertation/Dissertation chapter
Analysis (any type)
Advantages and disadvantages of lowering the voting age to thirteen
Undergrad. (yrs 1-2)
Political science
View this sample
Argumentative essays
Is euthanasia ethical or not?
Undergrad. (yrs 3-4)
View this sample
Dissertation/Dissertation chapter
Videoconferencing as a teaching tool
Undergrad. (yrs 3-4)
View this sample

Our Essay Writing Services

MyHomeworkWriters holds a reputation for being a platform that provides high-quality academic services. All you need to do is provide us with all the necessary requirements and wait for quality results.


Essay Writing Services

At MyHomeworkWriters, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our essay help service providers are well-versed with all the aspects of developing high-quality and relevant essays.


Admission and Business Papers

With, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.


Editing and Proofreading has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.


Technical papers

My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop essay help services in all academic areas. The simplicity or complexity of the paper does not affect the quality of essay writing services.

Sitemap: User-agent: * Allow: / User-agent: AhrefsBot Crawl-Delay: 1 User-agent: SemrushBot Crawl-Delay: 1