a.
Loan Amount = $480
Monthly Payment = $20
Interest Rate = 20%
Calculating Time Period,
Using TVM Calculation,
N = [PV = 480, PMT = -20, FV = 0, I = 0.20/12]
N = 30.90 months
Time Period = 31 months
b.
Loan Amount = $480
Monthly Payment = $60
Interest Rate = 20%
Calculating Time Period,
Using TVM Calculation,
N = [PV = 480, PMT = -60, FV = 0, I = 0.20/12]
N = 8.66 months
Time Period = 9 months
c.
Difference in Payment = 31(20) - 9(60)
Difference in Payment = $80
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 20% nominal interest rate....
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $470. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate, with the card, he purchased an Apple iPhone 5 for $460. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...
20. Simon recently received a credit card with a 12% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $370.44. The minimum payment on the card is only $20 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. ______ month(s) If Simon makes monthly payments of...
Simon recently received a credit card with a 21% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $368.24. The minimum payment on the card is only $20 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. month(s) If Simon makes monthly payments of $65, how...
Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $384.43. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. month(s) b. If Simon makes monthly payments of...
19. Problem 5.37 (Paying off Credit Cards) eBook Simon recently received a credit card with a 13% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $500.00. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number....
Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $351.59. The minimum payment on the card is only $10 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. month(s) b. If Simon makes monthly payments of...
1. Simon recently received a credit card with an 17% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $440. The minimum payment on the card is only $20 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. ____ month(s) If Simon makes monthly payments of $60,...
Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $373.15. The minimum payment on the card is only $10 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. ______ month(s) If Simon makes monthly payments of $35,...
Problem 5.37 (Paying off Credit Cards) Question 20 of 20 Check My Work (3 remaining) eBook Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $384.88. The minimum payment on the card is only $10 per month a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round Intermediate calculations....