Question

@jim_thompson5910 can you help me with something :)

Answer 1

what do you need?

Answer 2

Hugh opened a credit card at a department store with an APR of 19.15% compounded semiannually. What is the APY on this credit card? (4 points)
Select one:
a. 9.58%
b. 20.07%
c. 25.56%
d. 38.30%

Answer 3

hint:

APY = (1+r/n)^(n) - 1


http://en.wikipedia.org/wiki/Annual_percentage_yield

Answer 4

in this case

r = 0.1915 (this is the APR)
n = 2 (you are compounding 2 times a year)

Answer 5

im not sure how to do any of this at all

Answer 6

APY = (1+r/n)^(n) - 1

APY = (1+0.1915/2)^(2) - 1

APY = ???

Answer 7

im not sure :/

Answer 8

From here, you use a calculator. Do you have one?

Answer 9

if you don't have one, then copy/paste that exact expression into google and it will act like a calculator and spit out the answer

Answer 10

@jim_thompson5910 what do i plug in?

Answer 11

type

(1+0.1915/2)^(2) - 1

into google and tell me what you get

Answer 12

I got 0.2006680625 @jim_thompson5910

Answer 13

getting the same thing too

Answer 14

Okay:) now what?

Answer 15

multiply by 100 to convert to a percent, so

0.200668 = 20.066%

but that rounds to 20.07%

Answer 16

so add 100 to 20.07?

Answer 17

i mean multiply?

Answer 18

you multiply 0.200668 by 100 to get 20.066%

Answer 19

then you round 20.066% to get 20.07%

Answer 20

so the APY is 20.07%

Answer 21

oh oh oh hhhhhhh okay:) cn you help with some more please?:)

Answer 22

sure, a few more

Answer 23

Laura owes $4759 on a credit card with a 20.9% interest rate compounded monthly. What is the monthly payment she should make in order to pay off this debt in 3 years, assuming she does not charge any more purchases with the card? (4 points)
Select one:
a. $179.05
b. $995.70
c. $132.19
d. $442.90

Answer 24

i just have 6 more please pretty please then im done:)

Answer 25

check out this calculator

http://www.thecalculatorsite.com/finance/calculators/credit-card-payment-calculators.php

Answer 26

click on "monthly repayments calculator"

fill out the boxes, then calculate

Answer 27

what do i put into the boxes?

Answer 28

in the "Credit card balance", you type in the amount that's owed

Answer 29

i got 179.05

Answer 30

yep, me too

Answer 31

optionally you can use this formula

P = L((r/n)*(1 + r/n)^(n*t))/((1 + r/n)^(n*t) - 1)

where

L = 4759
r = 0.209
n = 12
t = 3

but that will get you the same thing

Answer 32

thatsa what i thought:) ummm okay what about this one

Answer 33

Explain, using complete sentences, three steps one could take to pay off their debt

Answer 34

tell me what you think

Answer 35

UM for this one I would say talk to the debt people and come up with a plan?

Answer 36

That's one step. What about another?

Answer 37

To start budgeting?

Answer 38

good, what else?

Answer 39

i cant think of another one:/

Answer 40

another step is to pay more than the minimum

Answer 41

if you only pay the minimum, then you'll be paying off that debt for a long time and you end up paying more over time

Answer 42

oh!

Answer 43

@jim_thompson5910

Answer 44

Add up the balances. What do you get?

Answer 45

7313.42?

Answer 46

Now add up the credit limits. What do you get?

Answer 47

17500

Answer 48

now divide the two

Answer 49

0.41790971428

Answer 50

multiply that by 100 to get ???

Answer 51

c?

Answer 52

yes

Answer 53

yay!Newton uses a credit card with a 18.6% APR, compounded monthly, to pay for a cruise totaling $1,920.96. He can pay $720 per month on the card. What will the total cost of this purchase be? (4 points)
Select one:
a. $2,458.98
b. $2,278.26
c. $1,978.02
d. $1,920.96

Answer 54

go back here

http://www.thecalculatorsite.com/finance/calculators/credit-card-payment-calculators.php

Answer 55

now click on "repayment time" and fill out the boxes

Answer 56

3?

Answer 57

what do you mean by 3

Answer 58

the answer i got was 3

Answer 59

that's how many months it will take to pay off that debt

Answer 60

yes:)

Answer 61

look next to Total to pay back:

Answer 62

so c?

Answer 63

yes

Answer 64

Explain, using complete sentences, how you would reconcile your check register with your monthly bank statement

Answer 65

hmm sorry, not sure what that means

but I'll try to look it up

Answer 66

okk

Answer 67

I'm not sure, but it sounds like it's basically checking to see if they charged your account correctly or not

Answer 68

and making sure they didn't overcharge or charge unfair fees

Answer 69

and making sure things match up

Answer 70

what should I say for this then?

Answer 71

not sure tbh

Answer 72

I couldn't really find anything. But I think it's just a case to see if things match up

Answer 73

ok heres the next one

Answer 74

what's the remaining balance in this case

Answer 75

$10?

Answer 76

remaining balance = amount you owe = ??? dollars

Answer 77

it doesnt say how much patti owes

Answer 78

how much she charges is the amount she owes

Answer 79

oh! $425

Answer 80

yes

Answer 81

now take 3.5% of that

Answer 82

how do I do that?

Answer 83

3.5% of 425 = 0.035*425 = ???

Answer 84

14.875?

Answer 85

so a?

Answer 86

yep since $14.88 is larger than $10

Answer 87

yay!Glen is comparing three investment accounts offering different rates.
Account A: APR of 5.80% compounding monthly
Account B: APR of 5.90% compounding quarterly
Account C: APR of 5.85% compounding daily
Which account will give Glen at least a 6% annual yield? (4 points)
Select one:
a. Account A
b. Account B
c. Account C
d. Account B and Account C

Answer 88

use the formula

APY = (1+r/n)^(n) - 1

Answer 89

to find the APY of each account

Answer 90

What do I plug in?

Answer 91

for instance, in account A

r = 0.058
n = 12

Answer 92

for that one I got 0.05956694622

Answer 93

@jim_thompson5910

Answer 94

I'm getting the same as well. Repeat for the other accounts

Answer 95

what do i plug in for those ones?

Answer 96

r = interest rate (but remember to convert to decimal form)