_Credit Card Project Template Y
.xlsx
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School
Ivy Tech Community College, Indianapolis *
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Course
123-27B
Subject
Finance
Date
May 8, 2024
Type
xlsx
Pages
6
Uploaded by ColonelOpossum1089 on coursehero.com
Download this file to your computer to begin your project. Go to "File", "Download >", "Microsoft Excel"
Name:
Katrina Belzile
Credit Card Purchase:
Your starting balance is the price given in question 2 of your project. Assume you will make no additional purchases.
This credit card requires a minimum payment of 9% of the balance or $15 each month, whichever is higher.
Introductory APR:
0% for months 0-3
APR:
17.99% after the 3rd month
Use page 130 and the credit card information provided above to complete the table below.
Use the drag-down feature of Excel to extend the calculations as far as necessary to pay off this credit card.
Remember: Excel should be doing ALL calculations.
Month
Starting Balance
Finance Charge
New Balance
Minimum Payment
0
$1,352.00
$0.00
$1,352.00
$135.20
Once your table is complete, answer the follow
1
$1,216.80
$0.00
$1,216.80
$121.68
2
$1,095.12
$0.00
$1,095.12
$109.51
How long did it take to pay off the credit card?
3
$985.61
$14.78
$1,000.38
$100.04
38
4
$900.35
$13.50
$913.84
$91.38
5
$822.46
$12.33
$834.79
$83.48
Use Excel's SUM function to calculate the total 6
$751.31
$11.26
$762.57
$76.26
$1,514.86
7
$686.32
$10.29
$696.61
$69.66
8
$626.94
$9.40
$636.34
$63.63
Calculate the total amount paid in finance char
9
$572.71
$8.59
$581.30
$58.13
$158.53
10
$523.17
$7.84
$531.01
$53.10
11
$477.91
$7.16
$485.07
$48.51
12
$436.57
$6.54
$443.11
$44.31
What percent of the total paid went to finance
13
$398.80
$5.98
$404.78
$40.48
11.90%
14
$364.30
$5.46
$369.76
$36.98
15
$332.79
$4.99
$337.77
$33.78
16
$304.00
$4.56
$308.55
$30.86
17
$277.70
$4.16
$281.86
$28.19
18
$253.68
$3.80
$257.48
$25.75
19
$231.73
$3.47
$235.20
$23.52
20
$211.68
$3.17
$214.86
$21.49
21
$193.37
$2.90
$196.27
$19.63
22
$176.64
$2.65
$179.29
$17.93
23
$161.36
$2.42
$163.78
$16.38
24
$147.40
$2.21
$149.61
$15.00
25
$134.61
$2.02
$136.63
$15.00
26
$121.63
$1.82
$123.46
$15.00
27
$108.46
$1.63
$110.08
$15.00
28
$95.08
$1.43
$96.51
$15.00
29
$81.51
$1.22
$82.73
$15.00
30
$67.73
$1.02
$68.74
$15.00
31
$53.74
$0.81
$54.55
$15.00
32
$39.55
$0.59
$40.14
$15.00
33
$25.14
$0.38
$25.52
$15.00
34
$10.52
$0.16
$10.68
$15.00
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Fixed-Rate Store Loan Purchase:
Enter the APR and loan term given on question 2 of your project.
APR:
3.87%
Term:
36
Use page 134 in your book, and the information above, to find the monthly pay
Payment:
$39.84 wing questions:
Answer the following questions for the store loan (there's no need for a table here):
How long did it take to pay off the loan?
36 months
amount paid on the card.
Use Excel to calculate the total amount paid on the loan.
1434.24
rges.
Calculate the total amount paid in interest.
$82.24 e charges?
What percent of the total paid went to interest?
5.7
You're going to be making some adjustments to this information, but we want to save this wond
Once your spreadsheet is complete, copy this page to another page of the same workbook (se
Right-click the tab that says "Original Purchase" at the bottom left corner of the
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Related Questions
Homework i
Saved
If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from
your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner
is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the
following transactions?
Note: Round your answer to the nearest cent.
31-day billing cycle
10/1
10/3
Previous balance
Credit
$ 1,169
$ 74
Credit
es
10/12
10/15
Charge: King Soopers
$ 153
Payment
$ 360
Credit
10/25
Charge: Delta
$ 326
10/30
Charge: Holiday Fun
$ 66
Amount owed
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How much would you need to deposit in an account each month in order to have $20,000 in the account in
9 years? Assume the account earns 6% interest.
Submit Question
.com/course/showcalendar.php?cid=179278
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You have $3,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in
3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
$
MyOpenMath
Question Help: Video
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each month
Search
hp
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A Click Submit to complete this assessment.
Question 34
You deposit $ 6,957 in an account that pays 1 % simple interest. How much do you have after 12 years? If needed, round your answer to zero decimal places.
A Click Submit to complete this assessment.
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Calculate the table factor, the finance charge, and the monthly payment (in
$) for the loan by using the APR table, Table 13-1. (Round your answers to
the nearest cent.)
Monthly
Payment
Amount
Number of
Table
Finance
APR
Financed
Payments
Factor
Charge
$9,300
36
13%
$
Need Help?
Read It
Viewing Saved Work Revert to Last Response
Submit Answer
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Give typing answer with explanation and conclusion
You have a balance of $9700 for your tuition on your American Express credit card. Assume that you take no more charges on the card. Also assume that American Express charges 13% APR and that each month you make only the minimum payment of 4% of the balance. What will the balance be after 32 months? At what balance do you begin making payments of $60.00 or less? How long will it take to get the balance below $50?
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Module 4 Activity Sheet: Savings Calculator
Name:
Directions: Use the savings calculator from Nerd Wallet to fill in the chart.
Scenario: You earn $100 per month and want to save 10% in a savings account.
1. How much will your monthly contribution be? Enter your response in the chart.
2. Use the savings calculator to find out how much your total savings would be in 1 year if
your account has an annual interest rate of 1%. What would your total savings be in 5
years?
3. You decide to increase your savings to 20%. Fill in the 2nd column.
Save 10%
Save 20%
Monthly contribution
1 year total
5 year total
4. Based on what
you know about saving and investing, would the totals be the same if you
had invested the money, instead of saving it? Why or why not?
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Suppose you want to have $700,000 for retirement in 20 years. Your account earns 7% interest.
a) How much would you need to deposit in the account each month?
b) How much interest will you earn?
S
Question Help: Video
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Q Search
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H
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https://sfdr.owschools.com/owsoo/studentAssignment/index?eh=65534403
SSIGNMENTS
Assignment - 1. Credit Scores and Loans
Attempt 1 of 1
COURSES
SECTION 3 OF 4
QUESTION
1
4
8
You get a personal loan of $5,000 with 12% simple interest too be paid over 30 months. What is your monthly payment?
O $150.00
O $166.67
O $216.67
O $175.00
NEXT QUESTION
O ASK FOR HELP
TURN IT IN
e to search
Pause
T
H
K
B
N
M
Alt
Ct
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You have $5,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in
4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
Question Help:
Submit Question
Video
each month
Search
hp
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- please answer in excel and show work please The manager of Steve's Audio has
approved Daisy's application for 24 months of credit with maximum monthly payments
of $65. If the annual percentage rate (APR) is 15.8 percent, what is the maximum
initial purchase that Daisy can buy on credit? Multiple Choice $1538.25 $1,330.12 $
890.99 $980.99 $1, 434.67
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SOLVE STEP BY STEP IN DIGITAL FORMAT
dont use excel, dont use IA
5.28 Find the amount of 18 payments that the anesthetist Joaquín Murillo must make at the beginning of each bimonthly period, if the amount he deposits bimonthly is $1,985. The interest is 15% per year, compounded bimonthly.
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Step 1. Fill in blanks – the values:
mpmt = __________ ,
j = __________, mi = __________, i = __________
PMT = __________, PV = __________, FV = __________
Step 2. Formula and Calculation:
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Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year
APR of 24% paid off within 3 years
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SOLVE STEP BY STEP IN DIGITAL FORMAT
5.28 Find the amount of 18 payments that the anesthetist Joaquín Murillo must make at the beginning of each bimonthly period, if the amount he deposits bimonthly is $1,985. The interest is 15% per year, compounded bimonthly.
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a. What formula should be used?
b. What are you trying to find and what variable does it represent in the formula?
c. Solve the problem showing all of your work (must show all steps!!)
d. Interpet your answer using a complete sentence
You may use the box below to upoload a picture of your written explanation or type it out in the box. Use the "mountain"
button to add pictures.
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Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How much
would you need to deposit in the account each month?
Submit Question
ath.com/course/showcalendar.php?cid=179278
Q Search
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No Plagirism Please!
Note: Enter your answer and show all the steps that you use to solve this problem in the space provided
You have a credit card with a balance of $1,367 90 at a 95% APR. You pay $400.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest?
Be sure to include in your response
the answer to the original question
the mathematical steps for solving the problem demonstrating mathematical reasoning
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Answer in excel
3. You have just received an email inviting you to accept a new credit card that offers you a $12,000 credit limit based upon your FICO score. You realize you can use that card now to charge your long overdue upscale vacation, which will cost $7500. The introductory terms of your new card indicates that no payment is due for the next two years, and the amount due will be charged a low 3% every month until you repay. Assuming you wait the full two years, how much will you owe at that time?
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Find the amount due at maturity for a 180 day note of $38,400 at 11.7%
ordinary interest if a partial payment of $20,000 is made on the 100th
day of the loan. Show all your work in a neat and organized format.
Edit View Insert Format Tools Table
12pt v
Paragraph v
BIUAv2v Tポv
...
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eBook
Problem Walk-Through
You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have a 9% APR based on end-of-month
payments. What is the most expensive car you can afford if you finance it for 48 months? For 60 months? Do not round intermediate calculations. Round your answers to the
nearest cent.
Financed for 48 months: $
Financed for 60 months: $
Check My Work
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Alexa takes out a loan of 94,000 at an annual effective discount rate of 6%.
The loan is to be repaid with annual payments of 10,000.
The first payment is due 4 years after the loan is taken out.
Calculate the amount of the drop payment.
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answwer.
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Problem Walk-Through
You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be
4% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your
answer for the monthly loan payment to the nearest cent and for EAR to two decimal places.
Monthly loan payment: $
EAR:
%
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5% interest rate for 36 months (3 years). What will your monthly payment be?
My monthly payment will be
Hint #1 and Hint #2
Question Help: Video 1
Check Answer
Video 2 Message instructor
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LATION Saved V
Mailings Review View Help Grammarly
lity: Investigate
O Search (Alt+Q)
The balance on a credit card, that charges a 10.5%
APR interest rate, over a 1 month period is given in
the following table:
I
Days 1-5: $200 (initial balance)
Days 6-20: $350 ($150 purchase)
Days 21-30: $150 ($200 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
DELL
Enter
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that you make no more charges. Assume that Discover charges 21% APR and that each month you make
only the minimum payment of 2% of the balance.
a. Find a formula for the remaining balance after t monthly payments.
b. On what balance do you begin making payments of $50 or less?
c. Find how many months it will take to bring the remaining balance down to the value from part b.
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You want to be able to withdraw $30,000 from your account each year for 30 years after you retire.
You expect to retire in 20 years.
If your account earns 8% interest, how much will you need to deposit each year until retirement to achieve
your retirement goals?
Question Help: DVideo 1 D Video 2
Submit Question
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- Homework i Saved If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? Note: Round your answer to the nearest cent. 31-day billing cycle 10/1 10/3 Previous balance Credit $ 1,169 $ 74 Credit es 10/12 10/15 Charge: King Soopers $ 153 Payment $ 360 Credit 10/25 Charge: Delta $ 326 10/30 Charge: Holiday Fun $ 66 Amount owedarrow_forwardHow much would you need to deposit in an account each month in order to have $20,000 in the account in 9 years? Assume the account earns 6% interest. Submit Question .com/course/showcalendar.php?cid=179278 Q Searcharrow_forwardYou have $3,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? $ MyOpenMath Question Help: Video Submit Question each month Search hparrow_forward
- A Click Submit to complete this assessment. Question 34 You deposit $ 6,957 in an account that pays 1 % simple interest. How much do you have after 12 years? If needed, round your answer to zero decimal places. A Click Submit to complete this assessment.arrow_forwardCalculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Monthly Payment Amount Number of Table Finance APR Financed Payments Factor Charge $9,300 36 13% $ Need Help? Read It Viewing Saved Work Revert to Last Response Submit Answerarrow_forwardGive typing answer with explanation and conclusion You have a balance of $9700 for your tuition on your American Express credit card. Assume that you take no more charges on the card. Also assume that American Express charges 13% APR and that each month you make only the minimum payment of 4% of the balance. What will the balance be after 32 months? At what balance do you begin making payments of $60.00 or less? How long will it take to get the balance below $50?arrow_forward
- Module 4 Activity Sheet: Savings Calculator Name: Directions: Use the savings calculator from Nerd Wallet to fill in the chart. Scenario: You earn $100 per month and want to save 10% in a savings account. 1. How much will your monthly contribution be? Enter your response in the chart. 2. Use the savings calculator to find out how much your total savings would be in 1 year if your account has an annual interest rate of 1%. What would your total savings be in 5 years? 3. You decide to increase your savings to 20%. Fill in the 2nd column. Save 10% Save 20% Monthly contribution 1 year total 5 year total 4. Based on what you know about saving and investing, would the totals be the same if you had invested the money, instead of saving it? Why or why not?arrow_forwardSuppose you want to have $700,000 for retirement in 20 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? S Question Help: Video Submit Question Q Search hp Harrow_forwardhttps://sfdr.owschools.com/owsoo/studentAssignment/index?eh=65534403 SSIGNMENTS Assignment - 1. Credit Scores and Loans Attempt 1 of 1 COURSES SECTION 3 OF 4 QUESTION 1 4 8 You get a personal loan of $5,000 with 12% simple interest too be paid over 30 months. What is your monthly payment? O $150.00 O $166.67 O $216.67 O $175.00 NEXT QUESTION O ASK FOR HELP TURN IT IN e to search Pause T H K B N M Alt Ctarrow_forward
- You have $5,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? Question Help: Submit Question Video each month Search hparrow_forward- please answer in excel and show work please The manager of Steve's Audio has approved Daisy's application for 24 months of credit with maximum monthly payments of $65. If the annual percentage rate (APR) is 15.8 percent, what is the maximum initial purchase that Daisy can buy on credit? Multiple Choice $1538.25 $1,330.12 $ 890.99 $980.99 $1, 434.67arrow_forwardSOLVE STEP BY STEP IN DIGITAL FORMAT dont use excel, dont use IA 5.28 Find the amount of 18 payments that the anesthetist Joaquín Murillo must make at the beginning of each bimonthly period, if the amount he deposits bimonthly is $1,985. The interest is 15% per year, compounded bimonthly.arrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- PFIN (with PFIN Online, 1 term (6 months) Printed...FinanceISBN:9781337117005Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning
PFIN (with PFIN Online, 1 term (6 months) Printed...
Finance
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning