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%.
(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
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