A new employee charged $ 4730 on his credit card to relocate for his first job....
A new employee charged $ 4730 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15%
compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month.
a. What monthly payment must he make to pay off the account at the end of 2 years?
b. How much total interest will he have paid?
Homework Answers
a. The monthly payment on his balance:
=PMT(rate,nper,pv)
=PMT(15%/12,2*12,4730)
=229.34
b. The total interest he has paid in 2 years:
=CUMIPMT(rate,nper,pmt,start period,end period,type)
=CUMIPMT(15%/12,2*12,4730,1,24,0)
=774.20
Add Answer to:
A new employee charged $ 4730 on his credit card to relocate for
his first job....
Question Help 0 A new employee charged $8490 on his credit card to relocate for his...
Question Help 0 A new employee charged $8490 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest...
a new employee charge $8310 on his credit card to relocate for a first job after...
a new employee charge $8310 on his credit card to relocate for a first job after noticing that the interest rate for his balance is 24% compound monthly he stopped charging a lot of count he wishes to pay off his balance and 4 years using automatic payments since at the end of each month what monthly payment must he make to pay off the account at the end of four years
core: 0 of 1 pt HW Score: 75%, 4.5 of 6 p Bus Econ 5.4.50 Question...
core: 0 of 1 pt HW Score: 75%, 4.5 of 6 p Bus Econ 5.4.50 Question Help A n w employee charged S 7640 on his credit card to relocate for his rst job. After noticing that the interest rate for his balance was 18% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month. a. What monthly payment must he make...
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card...
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly. What will Tobyis' monthly payment be if he pays off the full amount in equal monthly payments over the next 4 years? Work: 3.b Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly but he can switch to a new lower interest rate card...
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card...
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card with an APR of 9% compounded monthly. If he rolls over his debt onto this card and makes the same monthly payment as before, how long will it take him to pay off his credit card debt?
Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?
Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $4,200 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt?
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?
n has been using his credit card too much . His o use only cash until...
n has been using his credit card too much . His o use only cash until the balance of $8574 e credit card company charges 18% compounded monthly. What is the effec t rate? How much interest will he owe e first month's payment? If he makes monthly is paid off. The car in th payments of $225, how long until it is paid ofl South Florida Contributed by Paul R. McCright, University of
Question Help 0 A new employee charged $8490 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest...
core: 0 of 1 pt HW Score: 75%, 4.5 of 6 p Bus Econ 5.4.50 Question Help A n w employee charged S 7640 on his credit card to relocate for his rst job. After noticing that the interest rate for his balance was 18% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month. a. What monthly payment must he make...
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly. What will Tobyis' monthly payment be if he pays off the full amount in equal monthly payments over the next 4 years? Work: 3.b Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly but he can switch to a new lower interest rate card...
n has been using his credit card too much . His o use only cash until the balance of $8574 e credit card company charges 18% compounded monthly. What is the effec t rate? How much interest will he owe e first month's payment? If he makes monthly is paid off. The car in th payments of $225, how long until it is paid ofl South Florida Contributed by Paul R. McCright, University of
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago