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96% Clarification:
23% Clarification:
Reply 6
Earlier steadiness + new prices – principal paidhope this : )
To search out the curiosity cost to an account, you need to multiply the steadiness by the % charge (APR). The issue on this case is that curiosity is charged month-to-month, however the charge is yearly. To repair this drawback, simply divide the speed by 12. 0.23 / 12
Hooked up Clarification: This query doesn’t appear to be full nonetheless I’ll attempt to reply it to the very best of my data.
APR refers back to the Annual Share Charge. APR is utilized on no matter cash is borrowed from a Credit score Card after which the month-to-month curiosity is calculated. Minimal Fee is the minimal quantity that must be paid from the overall quantity excellent as a way to keep away from penalty being charged on the sum borrowed. Let me present you an instance to reveal the idea which shall be relevant in virtually each state of affairs:
Month Sum Borrowed Excellent Curiosity Minimal Fee 1 $3,000.00
2 $4,500.00 $3,000.00 $57.50 $60.00 3 $5,600.00 $4,500.00 $86.25 $90.00 4 $8,000.00 $5,600.00 $107.33 $112.00 5 $9,000.00 $8,000.00 $153.33 $160.00 6 $1,000.00 $9,000.00 $172.50 $180.00 7 $2,800.00 $1,000.00 $19.17 $20.00
*Assume the Restrict of Credit score Card to be $ 10,000
*Instance of Curiosity Calculation in Month 2 – ($3000*0.23)/(12)
*Instance of Minimal Fee Calculation in Month 2 – ($3000*0.02)
Reply 7
The reply is fee—finance cost i simply had this query
Curiosity*earlier steadiness
It’s Curiosity x earlier steadiness Step-by-step clarification: I taking the apex quiz proper now. Don’t do the opposite man’s reply. It’s unsuitable.
Reply 6
Earlier steadiness + new prices – principal paidhope this : )
What our team says
Guadalupe’s credit card has an apr of 23%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the
Are you looking to improve your credit score? If so, you might want to consider using a credit card with an APR of 23%. This is the average APR that Guadalupe Credit Card has calculated on the previous monthly balance. The minimum payment required to maintain this APR is 2%, which means that even if your current balance is quite high, you’ll be able to make regular payments and improve your credit score over time.
Guadalupe’s credit card has an apr of 23%
Guadalupe’s credit card has an apr of 23%. This means that her outstanding balance will be % of the previous month’s balance, calculated on the previous monthly balance, with a minimum payment of 2% of the outstanding balance, starting the month after the account is opened. For example, if her previous month’s balance was $1,000 and her new account began on the 1st of the month, her new outstanding balance would be $102.03.
To use Guadalupe’s credit card, she needs to first open a new account
To use Guadalupe’s credit card, she needs to first open a new account. Then, she will need to provide her current credit score and other information, such as the amount of money she wants to borrow and the length of the loan. Guadalupe’s credit card has an apr of %, calculated on the previous monthly balance, and a minimum payment of %, starting the next month.
The APR and minimum payment are based on the previous monthly balance
Guadalupe’s credit card has an APR of % and a minimum payment of %, both based on the previous monthly balance. This means that if she doesn’t pay her bill on time, her APR and minimum payment will increase.
The APR and minimum payment are calculated on the previous monthly balance, so even if Guadalupe pays her entire bill in full each month, her APR and minimum payment will still be %. That being said, it’s always important to pay your bill on time to avoid high payments and penalties.
To calculate the new APR, Guadalupe’s credit card calculates her current balance on the date of activation and applies the 23% APR from that date forward
Guadalupe has just activated her new credit card and is curious about the interest rate and minimum payment.
To calculate the new APR, Guadalupe’s credit card calculates her current balance on the date of activation and applies the 23% APR from that date forward. Her first monthly payment will be due on the due date, which is also the first day of the following month. Her new APR will be %.
If Guadalupe does not
If Guadalupe does not make a payment on her credit card, her APR will increase by % each month. Her minimum payment will also increase by % each month. The APR and minimum payment will stay the same until Guadalupe pays off her balance in full.
2. If Guadalupe makes a payment
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If Guadalupe makes a payment on her credit card every month, her APR and minimum payment will decrease by % each month. Her APR and minimum payment will stay the same until she pays off her balance in full.
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