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Q: Marty uses a credit card for only necessary purchases. The interest rate charged by the credit card company is 19.9 percent . If he maintains an average balance of 3500 owed?
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If Marty maintains an average balance of 3500 dollars on a credit card that he uses only for necessary purchases and the bank charges 19.9 percent interest how much interest will he pay?

He pays $696.50 interest.


What is the current interest rate of Visa credit card compared to five years ago?

Credit card interest rates often depend on previous credit rating and type of purchases. A basic card that is used for purchases online or at stores has an interest rate currently of approximately 11%. Five years ago in 2008, the average interest rate was 13%.


Linda received a credit card through the mail The interest rate charged by the credit card company is 24.9 percent If she maintains an average balance of 2400 owed on the card how much will she have?

$597.60


What was the average home mortgage interest rate in May 2009?

The average mortgage rate of May 2009 is around 5.50. The aspect of ongoing purchases of government and mortgage-backed-debt would have helped to keep a lid on rates for the balance in 2009.


How can we calculate creditors payment period?

Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2) Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2)

Related questions

If Marty maintains an average balance of 3500 dollars on a credit card that he uses only for necessary purchases and the bank charges 19.9 percent interest how much interest will he pay?

He pays $696.50 interest.


How much interest will Linda pay per year if her credit card has a 24.9 percent interest rate and she maintains an average balance of 1800.00?

Interest due = 24.9% of 1800 = 1800*24.9/100 = 448.20


What is the current interest rate of Visa credit card compared to five years ago?

Credit card interest rates often depend on previous credit rating and type of purchases. A basic card that is used for purchases online or at stores has an interest rate currently of approximately 11%. Five years ago in 2008, the average interest rate was 13%.


Linda received a credit card through the mail The interest rate charged by the credit card company is 24.9 percent If she maintains an average balance of 2400 owed on the card how much will she have?

$597.60


What does 19.99 percent purchases mean on a credit card?

It means they charge you 19.99% interest annually. $1000 of average daily balance would cost you $199.90 in interest. You do not pay any interest on a credit card if it is paid of in full every month, but the moment you do not pay it off in full, they will charge you interest on every purchase from the day of purchase.


What was the average home mortgage interest rate in May 2009?

The average mortgage rate of May 2009 is around 5.50. The aspect of ongoing purchases of government and mortgage-backed-debt would have helped to keep a lid on rates for the balance in 2009.


What is the adjusted cost base?

Average of all purchases


What is the difference between net interest margin and net spread?

net interest margin=(Income interest-Expense interest)/average earning assets net spread=Income interest/average earning assets - Expense interest/average deposits and other funds


What is the average interest rate on a motorcycle loan?

The average interest rate on a motorcycle loan is 100000


How can we calculate creditors payment period?

Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2) Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2)


What was the average savings interest rate 1993?

The average interest rate on savings accounts is 3.5 to 4%


How does the region maintain average local temperatures from year to year?

The ocean is what maintains temperature.