Question

1. What is the current balance that Joe Doe owes? $1270.54

2.What is the total amount that Joe charged for this billing cycle?

a. List the purchases that Joe made.

3. How much did Joe pay for his last payment?

4. Why was Joe charged $35 by the credit card company?

5. How much interest was Joe charged for this month?

6. What is the credit limit that Joe has for this credit card?

a. What is Joe’s available credit?


7. What is APR for purchases for this credit card?

8. What is the minimum payment amount that Joe must make?

9. When is the due date for Joe to make a payment?

10. Did Joe take a cash advance on this credit card?

11.Why did you think the federal government requires that financial institutions place a “Total Minimum Payment Warning” on all credit card statements?

Answer 1

Step-by-step explanation:

1. $1270.54. This is evident since this was written at the bottom of the credit card statement.

2. $500. We find this under the row for payments.

Purchases made:

• 3/25 Groceries land: $142
• 3/27 Book store: $33
• 4/1 Restaurant: $125
• 4/19 Bob's Auto: $425

3. $500

4. Because he made late payments and it comes with a $35 penalty fee as stated in the credit policy of the company.

5. $10.54.

6. $5,000 credit limit, and $3,729.46 is Joe's available credit line.

7. Purchases: 13.99%, Balance transfers: 13.99%, Cash Advances: 25.99.

8. $25.

9. 4/29/19.

10. No, because there is no cash advance charge on the statement.

11. In other to inform the card-holders about the financial burdens attached to paying only the minimum payment due.