You owe $19,500 on your credit card. Horrified, you decide to make no more purchases and...

Question

Question

Answer 1

Answer #1

= 12 py of annuity... Amatent owed at beginning : $ 19,500 ja pertudie interest rate 18/ 1:54, = 0.015 P= amount of annuity n

Answer 2

Similar Homework Help Questions

Question 3 (1 point) You owe $11,000 on your credit card. Horrified, you decide to make...

Question 3 (1 point) You owe $11,000 on your credit card. Horrified, you decide to make no more purchases and make payments of $400 per month. How long will it take you to pay off your credit card if it charges interest at J12-18% and your first payment is in one month. You may give your answer in months
Suppose you owe $600 on your credit card and you decide to make no new purchases...

Suppose you owe $600 on your credit card and you decide to make no new purchases and to make the minimum monthly payment on the account. Assuming that the interest rate on your card is 1% per month on the unpaid balance and that the minimum payment is 2% of the total (balance plus interest), your balance after t months is given by B(t)=600(0.9898t). Find your balance at each of the given times. Complete parts (a) through (e) below. (a)...
3. You have a credit card on which you currenty owe $10,000 The card has a...

3. You have a credit card on which you currenty owe $10,000 The card has a 19 99% annual interest rate and requires a minimum monthly payment of $50 Assume that you do not incur any other purchases on the card. (12 points) a) If you only make the minimum payment, how long will it take you to pay off the card? b) If you only make the minimum payment, how much total interest will you pay? c) If you...

Say you owe $10,000 on your credit card with a 1% monthly interest rate. Further, say...

Say you owe $10,000 on your credit card with a 1% monthly interest rate. Further, say you make $90 monthly payments. Assuming you make no further purchases, you will pay off your credit card balance in: 33.12 months 33.67 months 33.99 months you will never pay off your balance. It will grow every month.
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...
You have an outstanding credit card balance of $2,000. You decide to stop making new charges...

You have an outstanding credit card balance of $2,000. You decide to stop making new charges and pay $375 each month until the balance is paid. If your annual interest rate is 18%, how many months will it take you to pay off your balance?

You graduate and owe $10,000 on your credit card, which charges 1.5% monthly interest. You plan...

You graduate and owe $10,000 on your credit card, which charges 1.5% monthly interest. You plan on paying only the minimum payment of $200 until it is paid off. How many months will it take you to get out from under this debt? Is there a way to solve in Excel?
use excel The typical American household owes approximately $15,000 in credit card debt. Assume you owe...

use excel The typical American household owes approximately $15,000 in credit card debt. Assume you owe this amount today and will not to put another charge on your credit card until this debt is paid off. Your credit card has an APR of 18% and minimum payments are calculated as 2% of outstanding balance or $15, whichever is greater. Using two (2) decimal places for dollar amounts, determine: a) How many years will it take to pay the entire amount...
please answer 3-6 Scenario: You decide to buy a used 2014 Kawasaki Ninja 300 motorcycle for...

please answer 3-6 Scenario: You decide to buy a used 2014 Kawasaki Ninja 300 motorcycle for $4300. You make the purchase with a credit card. Your credit card has an APR of 21.3%. You owe nothing else on this card. Questions: 1. What is the monthly interest rate? 2. How long will it take you to pay off the debt if you make payments of $100 a month? 3. How much interest will you have paid by the time you...

Your credit card charges 2% interest per month on unpaid balances. You maintain a balance of...

Your credit card charges 2% interest per month on unpaid balances. You maintain a balance of $656. How long will it take to pay off the credit card balance, assuming you make the minimum payment of $45 each month?