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Brief Exercise 6-11 Morgan Tyler’s VISA balance is $1,045.17. He may pay it off in 12...

Brief Exercise 6-11

Morgan Tyler’s VISA balance is $1,045.17. He may pay it off in 12 equal end-of-month payments of $105 each.

Click here to view factor tables

What interest rate is Morgan paying? (Round answer to 1 decimal place, e.g. 8.5%.)

Interest Rate

%

 per month
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Homework Answers

Answer #1

Interest Rate = 3% per month

Explanation

$1,045.17 = $105 x PVAF12,i

PVAF12,i = $1,045.17 / $105 = 9.954

Therefore, Interest (i) = 3% per month

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