Reference no: EM1370494
Nancy Tai has recently opened a revolving charge account with MasterCard. Her credit limit is $1000, but she has not charged that much since opening the account. Nancy hasn't had the time to review her monthly statements as promptly as she should, but over the upcoming weekend, she plans to catch up on her work.
In reviewing November's statement, she notices that her beginning balance was $600 and that she made a $200 payment on November 10. She also charged purchases of $80 on November 5, $100 on November 15, and $50 on November 30. She can't tell how much interest she paid in November because she spilled watercolor paint on that portion of the statement. She does remember, though, seeing the letters APR and the number 16%. Also, the back of her statement indicates that interest was charged using the average daily balance method including current purchases, which considers the day of a charge or credit.
Assuming a 30-day period in November, calculate November's interest. Also, calculate the interest Nancy would have paid with: a) the previous balance method, b) the adjusted balance method.
Going back in time, when Nancy was just about to open her account, and assuming she could choose among credit sources that offered different monthly balance determinations, and assuming further that Nancy would increase her outstanding balance over time, which credit source would you recommend? Explain.
|
Determine the size for variables used in matlab program
: If b=3, a=6 how many loops would the given program do? what will be the out put for z(4)? what would be size (in rows and columns) for variables z, i and b?
|
|
Determining optimal output and price levels
: Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
|
|
Compute effective rate on the bank loan
: Bright Flashlight Corporation requires $300,000 to take a cash discount of 2/10, net 70. A bank will loan the money for 60 days at a total interest cost of $5,500.
|
|
Describe how if a project manager expects a team to exercise
: Describe how if a project manager expects a team to exercise their own judgment and the project manager must provide the team with decision making experience.
|
|
Calculate the paid interest amount
: Nancy Tai has recently opened a revolving charge account with MasterCard. Her credit limit is $1000, but she has not charged that much since starting the account.
|
|
Write responsibility of professionals have to society
: Write responsibility do computing professionals have to society at large and to other members of profession? Do they have any responsibilities or are their working lives only measured.
|
|
Questions on competition and market power
: Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
|
|
Analyze and identify the issues political and legal
: analyze and Identify the issues, political, legal, and market explored in the case of Molecular Insight Pharmaceuticals
|
|
Problems related to personal finance
: Joe won a lottery jackpot that will pay him $12,000 every year for the next ten years. If the market interest rates are currently 12 percent,
|