You have an $1,000 balance on your credit card, the payment on the card is $20...
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Hence, It will take 93.11 months or 7.76 (93.11/12) years to pay off loan
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You have an $1,000 balance on your credit card, the payment on
the card is $20...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance? Q2: At 5 percent compounded monthly, how long will it take to double your money?
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance? Q2: At 5 percent compounded monthly, how long will it take to double your money?
Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual percentage...
Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual percentage rate is 19.1%. a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance?...
Suppose your credit card balance is $15,000 The minimum payment is $313 and the annual percentage...
Suppose your credit card balance is $15,000 The minimum payment is $313 and the annual percentage rate is 19.5%. a. If you make a constant monthly payment of $313 how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $313 how long will it take you to pay off the credit card balance?...
9. Credit Cards: a. If you have a balance of $1,245.00 on your credit card, how...
9. Credit Cards: a. If you have a balance of $1,245.00 on your credit card, how long will it take you to pay off the balance if you make $50.00/month payments until it is paid off? The APR is 19%. b. What will be your monthly payment on a credit card with a balance of $2,456.80, if you desire to pay it off in 2 years, at an APR of 23.99%? 10. A furniture company allows customers to purchase household...
3. You have a credit card on which you currenty owe $10,000 The card has a...
3. You have a credit card on which you currenty owe $10,000 The card has a 19 99% annual interest rate and requires a minimum monthly payment of $50 Assume that you do not incur any other purchases on the card. (12 points) a) If you only make the minimum payment, how long will it take you to pay off the card? b) If you only make the minimum payment, how much total interest will you pay? c) If you...
Suppose your credit card balance is $17000 . The minimum payment is $347, and the annual...
Suppose your credit card balance is $17000 . The minimum payment is $347, and the annual percentage rate is 20.1%. a. If you make a constant monthly payment of $347, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Please complete using Excel and show all formulas used.
Suppose your credit card balance is $15500 . The minimum payment is $319, and the annual...
Suppose your credit card balance is $15500 . The minimum payment is $319, and the annual percentage rate is 20.1%. a. If you make a constant monthly payment of $319, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Please use Excel to solve and show all formulas.
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges...
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance?
Suppose your credit card balance is $16500. The minimum payment is $312, and the annual percentage...
Suppose your credit card balance is $16500. The minimum payment is $312, and the annual percentage rate is 20.7%. a. If you make a constant monthly payment of $312 how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Please solve using financial calculator and provide imputs for I/Y, PV, PMT, and FV. ***I will need the answers both rounded to rounded...
Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual percentage rate is 19.1%. a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance?...
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