Question

Can someone help me please? Thanks so much. Completely don't know how to do this, explanations and writing would be appreciated. :)

Answer 1

Help with?

Answer 2

what I posted :)

Answer 3

you multipy the payment with the interest which is 1.5% Ex Paymeny: $400.00 interest :1.5% so 400X0.015 because its 1% and then add that number to the expenses

Answer 4

(Balance - Payment + Expense) times Rate = Interest;

Interest + (Balance - Payment + Expense) = New Balance, and repeat

Answer 5

hmmm, the interest seems to be off for some reason

Answer 6

this is a good example why credit cards should be avoided if possible.

Answer 7

400*.015 = 6 so the interest is just previous balance times the rate

Answer 8

Would that make month 2 interest $2.72?

Answer 9

181*.015 = 2.715 so yeah :)

Answer 10

then new balance is: (old balance + interest + expenses - Payment)

Answer 11

That seems strange when she paid the previous months balance plus some!

Answer 12

the table is very offputting ... its setup to read like you make a payment prior to the interest

Answer 13

(181*.015) + 181 + 250 - 250 = 183.72

Answer 14

My card works if you pay off the complete balance each month there is no interest.

Answer 15

i just have my debit card :)

Answer 16

we could setup an excel to handle the calculations

Answer 17

I think it is a good thing to teach students this kind of stuff, it is what one must put up with in this life.

Answer 18

i have a college cash back card and i always pay the full amount when i have one

Answer 19

I have been multiplying the interest by the payment then adding that to the expenses and that gives me the balance right?

Answer 20

old balance times rate = interest

old balance + interest - payment + expense = new balance

Answer 21

I think that the interest was assesed to the previous months balance, unfortunately that was the same as the payment, so it clouds the issue, a poor way to start.

Answer 22

That is what the excel spread sheet shows. Good job amistre64.

Answer 23

:) thnx

Answer 24

to pay off the balance youd have to make a payment of 205.45(1.015) = 208.54

youve spent 1910 + 209 to purchase $1690 worth of goods and services

Answer 25

lol, it cost you about $430 to remian poor :)

Answer 26

so how do i figure our what to put in each of the spaces?

Answer 27

its just a repetition of the same processes over and over again ....

old balance times rate = interest

old balance + interest - payment + expense = new balance

Answer 28

they do the first one for you:

old balance is 400, 400(.015) = 6 is your interest

400 + 6 - 400 + 175 = 181 is your new balance

and repeat .....

Answer 29

thats what i did... hmmm and it said it was wrong lol

Answer 30

type out what you did ...

Answer 31

1.5% of 250 is NOT 1.5% of 181 ...

Answer 32

what you attempted was:

expense times rate = interest; and, expense + interest = new balance .... this is simply not what you are spose to be doing

Answer 33

THats 3.75 what I got...

Answer 34

thats why its wrong .... you are not working it correctly. The answer is not 3.75

Answer 35

175(.015) is NOT the same as 181(.015)

Answer 36

you have even switched up your own wrong formulation by halfway down using the Payment to calculate interest

Answer 37

But I though it was interest rate which is 1.5% times payment equals interest

Answer 38

no, which is why i keep typing: old balance times rate = interest

Answer 39

lets do month 2 ... what is the balance from month 1?

Answer 40

Balance from month 1 is 181

Answer 41

then month2 interest is equal to: month1 balance times 1.5% what is 181(1.5%)?

Answer 42

2.715

Answer 43

SO 2.72?

Answer 44

yes, 2.72

a better setup for your table would look like this picture

Answer 45

this way, we are not trying to work in different rows into the picture

the ending balance of one month is the beginning balance of the next month

then we can calculate the interest right from the beginning balance; then work the rest of the stuff to determine an ending balance which carries over to the next month

Answer 46

all the table setup does os organize data in a convenient manner; it has no special powers over the numbers :)