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Questions and Answers
How was the interest of $3098.96 for the 1st month calculated?
How was the interest of $3098.96 for the 1st month calculated?
Interest for 1st month = $595,000 x 0.0625 / 12 = $3098.96
What is the principal at the start of the 6th month?
What is the principal at the start of the 6th month?
$594,173.96
How much has Claire paid off the principal after 5 months?
How much has Claire paid off the principal after 5 months?
$5,826.04
How much interest was paid in the first 5 months?
How much interest was paid in the first 5 months?
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Calculate the balance at the end of the 2nd month.
Calculate the balance at the end of the 2nd month.
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What is the purpose of a credit card?
What is the purpose of a credit card?
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Explain the concept of a credit limit.
Explain the concept of a credit limit.
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What is the interest-free period on many credit cards?
What is the interest-free period on many credit cards?
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How are cash advances different from regular purchases on a credit card?
How are cash advances different from regular purchases on a credit card?
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Discuss the advantages and disadvantages of credit cards with high credit limits.
Discuss the advantages and disadvantages of credit cards with high credit limits.
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Why should balance transfer credit cards be considered carefully?
Why should balance transfer credit cards be considered carefully?
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