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.
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Suppose your credit card balance is $15500 . The minimum
payment is $319, and the annual...
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 $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?...
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...
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Part 2: Credit Cards Another type of personal loan is a credit card. A financial institution allows you to charge a purchase to your account, and you are required to pay the financial institution at a later time. As with other loans, credit cards charge interest. Interest rates can range from 3% - 22%. When you are paying for debt on a credit card, the financial institution will require a minimum balance be paid each month. The higher the interest rate that is charged...
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You have an $1,000 balance on your credit card, the payment on the card is $20...
You have an $1,000 balance on your credit card, the payment on the card is $20 per month, if monthly interest rate is 1.5%, then how long does it take to pay off the balance on the card?
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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...
The annual interest rate on a credit card is 17.99%. If the minimum payment of $40...
The annual interest rate on a credit card is 17.99%. If the minimum payment of $40 is made each month, how many months will it take to pay off an unpaid balance of $912.96? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)
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The annual interest rate on a credit card is 12.99 If the minimum payment of $20 is made each month, how many months will it take to pay off an unpaid balance of $879.99 Assume that no new purchases are made with the credit card.
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 you have a balance of $3000 on a credit card. Using the formula from Part G, consider the following scenarios: 1. The APR (Annual Percentage Rate) is 14.24% You make the minimum payment of $120 per month. How long does it take you to pay off your debt? How much do you end up spending in total? 2. The APR is 25.24%. You make the minimum payment of $120 per month. How long does it take you to pay...
The annual interest rate on a credit card is 17.99%. If the minimum payment of $40 is made each month, how many months will it take to pay off an unpaid balance of $912.96? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)
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