×
Get Full Access to Ivy Tech Community College - MATH 123 - Class Notes - Week 1
Get Full Access to Ivy Tech Community College - MATH 123 - Class Notes - Week 1

×

# math 123 ivy tech homework Description

##### Description: This is a test upload.
2 Pages 147 Views 2 Unlocks
Reviews

Math 123 Quantitative Reasoning Homework Assignment #9-C  19. Credit Cards, 20. Interest  (Show all your work to get full credit) Name: _____________________________ Section: ___________ Score: _______________ Credit Cards  1. Your friend has 2 credit cards with balances that he cannot afford to pay off all at once. Card #1 has a  \$850 balance with a 16.99% APR, while card #2 has a \$625 balance with a 23.99% APR. Calculate the  monthly finance charges on each. What advice would you give your friend about paying off the balances  on these cards?  Card #1 payment:  Card #2 payment:   Advice to your friend:    2. With a beginning balance of \$1500 and no additional charges during the next three months, you will just pay  the minimum payment each month for the next three months. The APR is 21.99% and the minimum payment  each month is 3% of the balance or \$30 whichever is higher. Determine the finance charge, new balance, and  minimum payment required for each of the next three months, and the starting balance for month 4 in the  table below:   Month Starting balance Finance charge New balance Minimum payment 1 \$1500

2

3

4