Question

PLEASE HELP I HAVE NO IDEA

Answer 1

Answer:

The table showing the decreasing debt is shown as follows

0;Starting Balance&Interest Accrued&Payment&Closing Balance

;\$1,853.42&\$22.39&\$400&\$1,475.81\\\$1,475.81&\$17.83&\$400&\$1,093.64\\\$1,093.64&\$13.21&\$200&\$906.85\\\$906.85&\$10.96&\$200&\$717.81\\\$717.81&\$8.67&\$200&\$526.48\\\$526.48&\$6.36&\$200&\$332.84\\\$332.84&\$4.02&\$200&\$136.86\\\$136.86&\$1.65&\$138.51&-
\end{tabular}

Step-by-step explanation:

Answer 2

Part 1:

The table showing the decreasing debt is shown as follows:

$\begin{tabular} {|c|c|c|c|} Starting Balance&Interest Accrued&Payment&Closing Balance\\[1ex] \ 1,853.42&\ 22.39&\ 400&\ 1,475.81\\\ 1,475.81&\ 17.83&\ 400&\ 1,093.64\\\ 1,093.64&\ 13.21&\ 200&\ 906.85\\\ 906.85&\ 10.96&\ 200&\ 717.81\\\ 717.81&\ 8.67&\ 200&\ 526.48\\\ 526.48&\ 6.36&\ 200&\ 332.84\\\ 332.84&\ 4.02&\ 200&\ 136.86\\\ 136.86&\ 1.65&\ 138.51&- \end{tabular}$

The column for interest accrued is obtained by the folmular

$I=P(1+0.155)^{\frac{1}{12}}$

where P is the month's starting balance.



Part 2:

From the table, the last payment is $138.51



Part 3:

The total amount paid by the time the credit card is payed of is the summation of the "payment" column of the table.

Thus, the total amount is given by:

$Payment\ total=2(400)+5(200)+138.51=\ 1,938.51$



Part 4:

The debt ratio is given by

$Debt\ ratio= \frac{debt}{limit} = \frac{1,853.42}{3,000} \approx0.62$