suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit card is 22.3% APR compounded monthly, how many years will it take you to pay off this debt if you pay $500 per month? (Answer to the nearest tenth of a year)
suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit...
QUESTION 5 Suppose you want to buy a house that costs $750,000. You are required to put 10% down, which means the amount to be borrowed is 90% of the price of the house. If you want a 30 year mortgage, and the borrowing rate is 5.6% APR compounded monthly, what would be your monthly payment? (Answer to the nearest penny) 5 points QUESTION 6 Suppose you want to buy a car that costs $17,000. If the dealer is...
You have a $3,000 credit card debt and you plan to pay it off through monthly payments of $75 If you are being charged 15% interest per year, how long to the nearest 0.5 years will it take you to repay your debt? yr You have a $3,000 credit card debt and you plan to pay it off through monthly payments of $75 If you are being charged 15% interest per year, how long to the nearest 0.5 years will...
Assume you have a credit card that has an interest rate of 24% APR, compounded monthly. Assume you have a credit balance of $5,000. What would your monthly payment need to be to pay off the balance in 3 years?
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?
You have a credit card debt of $5,000. The annual interest rate for your credit card is 18%, compounded monthly. Each month, you make a payment to reduce your debt. In the first month, your payment is $200. Every month after that, you increase your payment by 1%. That is, your payment in the second month is $202.00; your payment in the third month is $204.02; and so forth. Give a dynamic systems model, using one variable a(n), for your...
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,...
Solve the problem. 20) You have a $4286 credit card debt, and you plan to pay it off through monthly payments of S80. If you are being charged 13% interest per 20 year, how long (to the nearest tenth of a year) will i take you to repay your debt? Find the present value of the ordinary annuity. 21)Payments of $3300 made annually for 2) 25 years at 7% compounded annually Find the future value of the annuity due. 22)_...
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?
You have credit card debt of $2,000 at 18% APR compounded monthly. If you charge no more purchases to the card and make monthly payments of $450, how many months will it take you to payoff your debt?
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?