![lilkari5](/avatars/44416.jpg)
lilkari5
22.10.2019 •
Mathematics
Card name (apr %) existing balance credit limit
mark2 (6.5%) $475.00 $3,000.00
bee4 (10.1%) $1,311.48 $2,500.00
you have $400.00 each month to pay off these two credit cards. you decide to pay only the interest on the lower-interest card and the remaining amount to the higher interest card. complete the following two tables to you answer questions 1–3.
higher-interest card (payoff option)
month 1 2 3 4 5 6 7 8 9 10
principal 2138.90 1757.52 1373 985.01 593.63 198.82
interest accrued 18.72 15.38 12.01 8.62 5.19 1.74
payment (on due date) 400 400 400 400 400 200.56
end-of-month balance 1757.52 1373 985.01 593.63 198.82 0
lower-interest card
month 1 2 3 4 5 6 7 8 9 10
principal 1692.45 1304.02 919.10 525.35 128.92
interest accrued 11.57 8.87 6.25 3.57 0.88
payment (on due date) 400 400 400 400 129.80
end-of-month balance 1304.02 919.10 525.35 128.92 0
1) how long does it take to pay off the higher-interest card? it takes 6 months.
2) what is the amount of the last payment on the higher-interest card? why? $200.56 was the last payment because they paid $400 each month until the amount due was lower than $400.
3) at the end of the month that you pay off the higher-interest card, after you have started to pay down your debt on the lower-interest card, what is the balance of the lower-interest card? why?
complete the following two tables to you answer questions 4–5.
4) rework the problem so that you pay off the lower-interest card first.
5) how much money do you save by paying off the higher-interest card first?
lower interest card (payoff option)
month 1 2 3 4 5 6 7 8 9 10
principal
interest accrued
payment (on due date)
end-of-month balance
higher interest card
month 1 2 3 4 5 6 7 8 9 10
principal
interest accrued
payment (on due date)
end-of-month balance
be sure to include in your response:
• all parts of the tables are complete and calculations correct
• the answers to the additional questions
Solved
Show answers
More tips
- H Health and Medicine How Much Does Abortion Cost? Expert Answers and Insights...
- S Sport How to Build Arm Muscles? Effective Exercises and Tips...
- H Health and Medicine When can it be said that a person has a normal pulse?...
- A Art and Culture When Will Eurovision 2011 Take Place?...
- S Style and Beauty How to Choose the Perfect Hair Straightener?...
- F Family and Home Why Having Pets at Home is Good for Your Health...
- H Health and Medicine How to perform artificial respiration?...
- H Health and Medicine 10 Tips for Avoiding Vitamin Deficiency...
- F Food and Cooking How to Properly Cook Buckwheat?...
- F Food and Cooking How Many Grams Are In a Tablespoon?...
Answers on questions: Mathematics
- M Mathematics Sally has seven times as many dimes as nickels. the total value is 3.00. how many nickles does she have...
- M Mathematics 20 pts examine the diagram. transversal n intersects lines l and m to form 8 angles. the angles formed with line l, clockwise from top left are 63 degrees, (15 x minus 3) degrees,...
- M Mathematics Factor and find the x-intercepts f(x) = x^2– 3x - 4...
- M Mathematics Rick and casey are buying fish at the local market for their restaurants. rick buys 5 brook trout for x dollars each and 2 rainbow trout for y dollars each and pays $160 for...
- M Mathematics Matt has 20 marbles in a bag. 15 are red, 2 are blue, and 3 are green. what is the probability that matt will pick a red marble from the bag? a. 10% b. 75% c. 15% d. none of...
- M Mathematics After the lunch rush, ellen had used up all the small containers and half the large containers. which of these expressions can be used to find the number of plastic containers...
- M Mathematics Abutterfly flew 743 \text{ cm}743 cm743, start text, space, c, m, end text and landed on a rose. then the butterfly flew another 567 \text { cm}567 cm567, start text, space,...
- M Mathematics Which expression is equivalent to log subscript 8 baseline 4 a (startfraction b minus 4 over c superscript 4 baseline endfraction)? log subscript 8 baseline 4 + log subscript...
- M Mathematics How do you simplify quadratic equations?...
- M Mathematics How do you figure out coordinates of a line if you only have the equation?...
Ответ:
The answer C I think.
20 Characters