Question

Can someone complete this? Have tried multiple times and can't seem to figure it out. Need it urgently 100 points!! Major assignment. You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay $400.00 the first 2 months and then $200.00 until the bill is paid off. You pay the bill on the due date each month.

1) Complete the table showing the decreasing debt.
2) How much is your last payment?
3) What is the total amount paid by the time you pay off the credit card?
4) What was your debt ratio at the beginning?

Be sure to include in your response:
• All parts of the table are complete and calculations correct
• The answers to the additional questions

Answer 1

To complete the table, subtract the payment and add the interest each month. The last payment is $22.79. The total amount paid is $1,000. The debt ratio at the beginning is 61.78%.

Step-by-step explanation:

To complete the table showing the decreasing debt, you need to calculate the new balance each month. Start with the initial balance of $1,853.42. Subtract the payment for the month and then add the interest for that month. Repeat this process until the debt is paid off.

1) Here is the completed table showing the decreasing debt:

Month | Balance

---------|----------

1 | $1,853.42

2 | $1,253.42

3 | $647.01

4 | $22.79

2) Your last payment would be $22.79, as that is the remaining balance on the credit card.

3) The total amount paid by the time you pay off the credit card would be the sum of all the payments made throughout the months. In this case, it would be $1,000 ($400 + $400 + $200).

4) The debt ratio at the beginning can be calculated by dividing the initial debt by the credit limit and multiplying by 100. In this case, the debt ratio would be 61.78% (1853.42/3000 * 100).

Answer 2

Answer: PLS SCROLL BELOW AND READ GOOD LUCK!!!!

Step-by-step explanation:

1) To complete the table showing the decreasing debt, we'll calculate the remaining debt after each payment. Month | Payment | Remaining Debt ------|---------|--------------- 1 | $400.00 | $1,453.42 2 | $400.00 | $1,006.84 3 | $200.00 | $806.84 4 | $200.00 | $606.84 5 | $200.00 | $406.84 6 | $200.00 | $206.84 7 | $200.00 | $6.84

2) The last payment is $200.00.

3) To calculate the total amount paid by the time you pay off the credit card, we add up all the payments made: $400.00 (first 2 months) + $200.00 * 5 (months 3-7) = $1,000.00 Therefore, the total amount paid by the time you pay off the credit card is $1,000.00.

4) To calculate the debt ratio at the beginning, we divide the current debt by the credit card limit and multiply by 100: Debt Ratio = (Remaining Debt / Credit Card Limit) * 100 Debt Ratio = ($1,853.42 / $3,000.00) * 100 = 61.78% Therefore, the debt ratio at the beginning is 61.78%.