Calculate the interest charged by each card

Reference no: EM13215823

On October 22, you plan to purchase a $3,000 computer by using one of your two credit cards. The Silver Card charges 18% interets and calculates interest on the previous month's balance; however, you are not charged interets for the month of the purchase. The Gold Card charges 18% interest and calculates interest based on the average daily balance. Both Cards have $0 balance as of October 1. Your plan is to make a $1,000 payment in November, make a $1,000 payment in december, and pay off the remaining balance in January. All your payments will be received and posted on the 10th of each month. No other charges will be made on the account. ary. all your payments will be received and posted on th 10th of each month. No other charges will be made on the account.

Required: a) Based on this information, calculate the interest charged by each card for this purchase. b) Which card is the better deal and by how much

Reference no: EM13215823

Questions Cloud

Describe the variables and scale of measurement : Identify at least 2 variables for which you would utilize a repeated-measures ANOVA in your analysis and describe the variables and scale of measurement. Identify whether each factor is fixed or repeating.

What is the mass of the gasoline : A cylindrical container of inside diameter 0.6 m is filled with gasoline to a depth of 2 m. What is the mass of the gasoline?

What is the acceleration at the top of a jump : What is the acceleration at the top of a jump?

Find out the nation''s gross domestic product : consumption allowances were 4 billion; personal savings were estimated at $2 billion; imports of goods and services amounted to $6.5 billion; and the exports of goods and services were $5 billion. a. Determine the nation's gross domestic product.

Calculate the interest charged by each card : Based on this information, calculate the interest charged by each card for this purchase and which card is the better deal and by how much

What are advantages and disadvantages of cost-plus pricing : annual fixed costs of $4,000,000 and variable costs of $400 per unit and estimates that it can sell 40,000 pumps annually and marks up cost by 30 percent. Using cost-plus pricing, what is the cost per unit and the price What are advantages and dis..

Does the acceleration also increase : The velocity of an object falling in free fall increases with time. Does the acceleration also increase? Why or why not?

Consider a plane that flies due east on a trip : Flying due east, the plane flies with the rotation of the Earth, while flying due west, it flies against the rotation. Will the flight times be the same? Different? Why?

Look at the dataset - what design is it : Look at the dataset. What design is it? What else do you notice and obtain the (appropriate) ANOVA table to be used in the analysis.

User Account

All Pages