In June, Jake and Jill sign up for a American Express credit…

In June, Jake and Jill sign up for a American Express credit card which has the following terms: Interest rate = 19% (compounded daily) Statement Cycle = June 15th – July 14th Grace Period = 22 days (bill due on 5th of the following month) Minimum payment = Greater of $25 or 2% statement balance Late fee = $35 On July 3, Jake and Jill make their only purchase with the card (new furniture for $1,200). They are struggling to understand how credit cards work. Help them answer the following three questions.   If Jake and Jill forget to make a payment by their due date (Aug. 5), what will be their credit card balance on August 6?

Ashley and Duncan just created their January 2019 income and…

Ashley and Duncan just created their January 2019 income and expense statement. They spent their combined $3,500 gross monthly income on the following expenses: $350 for tithing, $1,000 on rent, $400 to their Roth retirement plan, $1,000 on taxes, $300 on food and eating out, $100 on entertainment, and the rest in their savings account. They decide that for their February budget they want to invest an extra $100 in their Roth retirement (for a total of $500), cut each remaining variable category in half, and put the rest into savings. If all goes according to plan, how much money will Ashley and Duncan put towards savings in February?