Maths

Problem Set 1 Part 3

Do the problem corresponding to your assigned number.

Section 7-5 of the text will have helpful information

1) A credit card statement showed these transactions during October. October 1 Previous balance $238.30 October 2 Purchases $62.17 October 30 Payment $185.00

The credit card has an interest rate of 6% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

1)

2) A credit card statement showed these transactions during October. October 1 Previous balance $257.28 October 12 Purchases $79.55 October 29 Payment $55.00

The credit card has an interest rate of 4.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

2)

3) A credit card statement showed these transactions during October. October 1 Previous balance $413.98 October 15 Purchases $81.45 October 25 Payment $50.00

The credit card has an interest rate of 4% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

3)

4) A credit card statement showed these transactions during October. October 1 Previous balance $348.34 October 2 Purchases $71.04 October 29 Payment $165.00

The credit card has an interest rate of 13% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

4)

5) A credit card statement showed these transactions during October. October 1 Previous balance $221.34 October 4 Purchases $27.98 October 18 Payment $120.00

The credit card has an interest rate of 19% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

5)

1

6) A credit card statement showed these transactions during October. October 1 Previous balance $422.06 October 6 Purchases $51.31 October 16 Payment $190.00

The credit card has an interest rate of 13.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

6)

7) A credit card statement showed these transactions during October. October 1 Previous balance $332.06 October 7 Purchases $86.98 October 16 Payment $150.00

The credit card has an interest rate of 11.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

7)

8) A credit card statement showed these transactions during October. October 1 Previous balance $292.47 October 8 Purchases $62.17 October 26 Payment $185.00

The credit card has an interest rate of 4.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

8)

9) A credit card statement showed these transactions during October. October 1 Previous balance $116.12 October 11 Purchases $84.85 October 22 Payment $95.00

The credit card has an interest rate of 2.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

9)

10) A credit card statement showed these transactions during October. October 1 Previous balance $320.32 October 2 Purchases $48.67 October 19 Payment $170.00

The credit card has an interest rate of 17.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

10)

2

11) A credit card statement showed these transactions during October. October 1 Previous balance $342.73 October 15 Purchases $60.13 October 19 Payment $155.00

The credit card has an interest rate of 17.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

11)

12) A credit card statement showed these transactions during October. October 1 Previous balance $494.07 October 13 Purchases $22.69 October 20 Payment $80.00

The credit card has an interest rate of 4.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

12)

13) A credit card statement showed these transactions during October. October 1 Previous balance $141.74 October 5 Purchases $69.22 October 22 Payment $190.00

The credit card has an interest rate of 2.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

13)

14) A credit card statement showed these transactions during October. October 1 Previous balance $364.12 October 4 Purchases $23.00 October 17 Payment $155.00

The credit card has an interest rate of 11.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

14)

15) A credit card statement showed these transactions during October. October 1 Previous balance $303.23 October 3 Purchases $79.64 October 26 Payment $75.00

The credit card has an interest rate of 11% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

15)

3

16) A credit card statement showed these transactions during October. October 1 Previous balance $209.87 October 9 Purchases $20.26 October 29 Payment $110.00

The credit card has an interest rate of 8% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

16)

17) A credit card statement showed these transactions during October. October 1 Previous balance $415.47 October 7 Purchases $96.42 October 16 Payment $110.00

The credit card has an interest rate of 12.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

17)

18) A credit card statement showed these transactions during October. October 1 Previous balance $458.83 October 6 Purchases $85.63 October 17 Payment $130.00

The credit card has an interest rate of 4% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]

18)

19) Ellen has maxed out her credit card at $11,500 and vows not to make any other credit card purchases. Her credit card company charges 1.23% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

19)

20) Ellen has maxed out her credit card at $12,500 and vows not to make any other credit card purchases. Her credit card company charges 1.23% interest per month, and the minimum monthly payment is all interest due plus 2% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

20)

21) Ellen has maxed out her credit card at $13,500 and vows not to make any other credit card purchases. Her credit card company charges 1.21% interest per month, and the minimum monthly payment is all interest due plus 3% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

21)

4

22) Ellen has maxed out her credit card at $12,500 and vows not to make any other credit card purchases. Her credit card company charges 1.25% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

22)

23) Ellen has maxed out her credit card at $13,500 and vows not to make any other credit card purchases. Her credit card company charges 1.24% interest per month, and the minimum monthly payment is all interest due plus 3% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

23)

24) Ellen has maxed out her credit card at $12,500 and vows not to make any other credit card purchases. Her credit card company charges 1.24% interest per month, and the minimum monthly payment is all interest due plus 2% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

24)

25) Ellen has maxed out her credit card at $14,500 and vows not to make any other credit card purchases. Her credit card company charges 1.25% interest per month, and the minimum monthly payment is all interest due plus 3% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

25)

26) Ellen has maxed out her credit card at $14,500 and vows not to make any other credit card purchases. Her credit card company charges 1.24% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

26)

27) Ellen has maxed out her credit card at $13,500 and vows not to make any other credit card purchases. Her credit card company charges 1.26% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

27)

28) Ellen has maxed out her credit card at $13,500 and vows not to make any other credit card purchases. Her credit card company charges 1.21% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

28)

5

29) Ellen has maxed out her credit card at $14,500 and vows not to make any other credit card purchases. Her credit card company charges 1.22% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

29)

30) Ellen has maxed out her credit card at $11,500 and vows not to make any other credit card purchases. Her credit card company charges 1.25% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

30)

31) Ellen has maxed out her credit card at $11,500 and vows not to make any other credit card purchases. Her credit card company charges 1.21% interest per month, and the minimum monthly payment is all interest due plus 3% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

31)

32) Ellen has maxed out her credit card at $11,500 and vows not to make any other credit card purchases. Her credit card company charges 1.24% interest per month, and the minimum monthly payment is all interest due plus 3% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

32)

33) Ellen has maxed out her credit card at $14,500 and vows not to make any other credit card purchases. Her credit card company charges 1.24% interest per month, and the minimum monthly payment is all interest due plus 3% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

33)

34) Ellen has maxed out her credit card at $12,500 and vows not to make any other credit card purchases. Her credit card company charges 1.23% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

34)

35) Ellen has maxed out her credit card at $12,500 and vows not to make any other credit card purchases. Her credit card company charges 1.22% interest per month, and the minimum monthly payment is all interest due plus 2% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

35)

6

36) Ellen has maxed out her credit card at $11,500 and vows not to make any other credit card purchases. Her credit card company charges 1.22% interest per month, and the minimum monthly payment is all interest due plus 4% of the principal balance. How much of the balance can Ellen pay down if she pays the minimum payment only for 4 months?

36)

7

8