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2 years ago

Which of these credit card payback strategies would result in your paying the HIGHEST amount of interest?

Business

1 answer:

alukav5142 [94]2 years ago

5 0

Answer:

D. Making the minimum payment (3% credit card balance) every month with an occasional late payment

Explanation:

Credit card debts attract a very high-interest rate. By design, the interest on uncleared balances increases rapidly. Credit cards calculate interest monthly. Any uncleared balance and the interest incurred is rolled over to the next month, where it continues attracting more interest.

The best strategy is to clear credit card debts in the month they are incurred. Late payment attracts heavy penalties. A combination of late payments and outstanding balances will make interest charges grow exponentially.

You might be interested in

what is the present value of an annuity of $27 received at the beginning of each year for the next six years? The first payment

goldenfox [79]

Answer:

$129.35

Explanation:

Here is the full question :

What is the present value of an annuity of $27 received at the beginning of each year for the next six years? The first payment will be received today, and the discount rate is 10%

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow each year from year 0 to 5 = $27

I = 10%

PV = $129.35

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

7 0

2 years ago

The master budget of Carpenter Company shows that the planned activity level for next year is expected to be 100,000 machine hou

Gnom [1K]

Answer:

Total overhead cost= $988,000

Explanation:

Giving the following information:

Activity level= 100,000 machine hours

Indirect labor $480,000

Machine supplies 120,000

Indirect materials 140,000

Depreciation on factory building 100,000

First, we need to calculate the unitary overhead costs per machine-hours. Depreciation is a fixed cost.

Indirect labor= 480,000/100,000= $4.8

Machine supplies= 120,000/100,000= $1.2

Indirect materials= 140,000/100,000= $1.4

Now, we can determine the total overhead cost for 120,000 machine hours.

Indirect labor= 4.8*120,000= 576,000

Machine supplies= 1.2*120,000= 144,000

Indirect materials= 1.4*120,000= 168,000

Depreciation= 100,000

Total overhead cost= $988,000

8 0

2 years ago

Berry, the seller, wants Paul, the broker, to change from a single agency relationship to a transaction broker. Paul agrees to d

Scorpion4ik [409]

Answer:

Before the listing agreement is signed.

Explanation:

A listing agreement is a contract between a property owner and a real estate broker asking the real estate broker to get a buyer for his or her property. The property owner implements the listing agreement so as to empower the real estate broker to act in the capacity of the agent to the owner in the course of trying to sell the property. Generally certain commission is paid to the real estate broker by the property owner.

8 0

2 years ago

How do you feel at the beginning of the game as the facts about your situation flash on the screen? Do you think you can live 30

Alex73 [517]

Answer:

If you use the money reasonably and wisely, Yes, I think you can live 30 days with 1000 dollars in savings.

8 0

2 years ago

During a management meeting, Lester, the CEO of Elite Office Equipment, reminded his management team of where the company wants

REY [17]

Answer: Vision statement

Explanation:

Vision statement is referred to as or known as an organization's road map, which tends to indicate what the organization believes to become and achieve by putting forth a well defined direction and route for the organization's growth. These statements usually undergo the minimal revisions throughout the lifetime of an organization, unlike the operational goals that might be revised on yearly basis.

7 0

2 years ago