Compute your daily periodic interest rate

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Reference no: EM131914010

Given that credit card balance is 12932 and the APR is 15.12% solve the following questions:

1- Compute your Daily Periodic Interest Rate (D). Give your answer as a percent.

2- Compute the amount of interest you will be charged over a billing period of 30 days.

3-Compare the minimum payment amount with the total interest charged over 30 days. How much of your minimum payment is going towards the interest? How much is being applied to the balance?

4-Using a platform of your choice, determine how many years will it take you to pay off your credit card balance if you make only the minimum payment each month.

5-If you only pay the minimum payment each month, how much total interest will you be charged over the life of the loan?

6-You decide you want to pay the credit card balance off in 5 years. How much should your monthly payments be? This will be your proposed payment.

Reference no: EM131914010

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