Thom owes $4,800 on his credit card. The credit card carries an APR of 17.2 percent...

Question

Question

Thom owes $4,800 on his credit card. The credit card carries an APR of 17.2 percent compounded monthly. If Thom makes monthly

Answer 1

Answer #1

fx =NPER(C2,C3,-C4,C5,C6) B C 1 0.014333 0.172/12 150 4800 2 RATE(i) Rate Per Period 3 PMT Payment per period 4 PV Present Va

Answer 2

Similar Homework Help Questions

Thom owes $4,200 on his credit card. The credit card carries an APR of 16.9 percent...

Thom owes $4,200 on his credit card. The credit card carries an APR of 16.9 percent compounded monthly. If Thom makes monthly payments of $105 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges? Multiple Choice Ο 40.00 months Ο 55.30 months Ο 63 81 months Ο 59.25 months Ο 12 πιο
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...
You have a credit card with a balance of $12,400 and an APR of 17.6 percent...

You have a credit card with a balance of $12,400 and an APR of 17.6 percent compounded monthly. You have been making monthly payments of $240 per month, but you have received a substantial raise and will increase your monthly payments to $290 per month. How many months quicker will you be able to pay off the account? Multiple Choice 26.66 months 25.40 months 29.63 months 27.65 months 8.91 months

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?
You have a credit card with a balance of $14,800 and an APR of 18.4 percent...

You have a credit card with a balance of $14,800 and an APR of 18.4 percent compounded monthly. You have been making monthly payments of $280 per month, but you have received a substantial raise and will increase your monthly payments to $355 per month. How many months quicker will you be able to pay off the account?

You have a credit card with a balance of $14,200 and an APR of 18.2 percent...

You have a credit card with a balance of $14,200 and an APR of 18.2 percent compounded monthly. You have been making monthly payments of $270 per month, but you have received a substantial raise and will increase your monthly payments to $345 per month. How many months quicker will you be able to pay off the account?
You owe $3629 on your credit card which has a 17.2% APR. (a) How much interest...

You owe $3629 on your credit card which has a 17.2% APR. (a) How much interest do you get charged this month on your balance of $3629? (b) You make a payment of $850. What is your new balance for the next month? (c) How many total months will it take you to pay off the debt if you continue to make $850 payments each month (the last month you would pay just what you owe)? (a) The interest is...
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?

You have credit card debt of $4,000 at 23% APR compounded monthly. If you charge no...

You have credit card debt of $4,000 at 23% APR compounded monthly. If you charge no more purchases to the card and make monthly payments of $375, how many months will it take you to payoff your debt?