Homework Answers
Time to pay off the debt will be 26 months
| Months | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| Principal Outstanding | 6500 | ||||||||||||||||||||||||||
| Interest Payment | 65 | 62.5 | 60 | 57.5 | 55 | 52.5 | 50 | 47.5 | 45 | 42.5 | 40 | 37.5 | 35 | 32.5 | 30 | 27.5 | 25 | 22.5 | 20 | 17.5 | 15 | 12.5 | 10 | 7.5 | 5 | 2.5 | |
| Monthly Installments | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | |
| Balance at the end of each month | 6250 | 6000 | 5750 | 5500 | 5250 | 5000 | 4750 | 4500 | 4250 | 4000 | 3750 | 3500 | 3250 | 3000 | 2750 | 2500 | 2250 | 2000 | 1750 | 1500 | 1250 | 1000 | 750 | 500 | 250 | 0 |
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cked up $6,500 in debt. If Phoebe realizes that she has charged too much on her...
phoebe realizes that she has charged too much on her credit card and has racked up...
phoebe realizes that she has charged too much on her credit card and has racked up $6000 in debt. if she can pay $200 each month and the card charges 18 percent apr (compounded monthly) , how long will it take her to pay off the debt?
13. Phoebe realizes that she has charged too much on her credit card and has racked...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
Problem 5-41 Number of Annuity Payments (LG5-9) Joey realizes that he has charged too much on...
Problem 5-41 Number of Annuity Payments (LG5-9) Joey realizes that he has charged too much on his credit card and has racked up $4,600 in debt. If he can pay $125 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months
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?
i need help please Check my work mode: This shows what is correct or incorrect for...
i
need help please
Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it does not Joey realizes that he has charged too much on his credit card and has racked up $5,900 in debt. If he can pay $150 each month and the card charges 12 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your...
This is for a finance course for beginners im very confused. Thank you! Anne has difficulty managing her debt. She usua...
This is for a finance course for beginners im very confused.
Thank you!
Anne has difficulty managing her debt. She usually carriess a balance on her credit card, has maxed out her $16,000 line of credit and now finds herself in the position of having to borrow to purchase a car. a)Assume Annes's credit card balance is $3,000. If she doesn't use her card again and only makes the minimum 3% payment every month, how long will it take her...
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?
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $5...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
Your friend Sue has asked you to help her out as she is developing her financial plan. Help her come up with a plan for...
Your friend Sue has asked you to help her out as she is developing her financial plan. Help her come up with a plan for her finances and how she can set herself up for financial success! She has an after tax income of $48,000 and budgets $30,000 for necessary expenses. This leaves $18,000 to spend on debt and savings annually. (Assume all annuity payments are in the form of ordinary annuities.) Part A: Debt Sue has a current balance...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
Problem 5-41 Number of Annuity Payments (LG5-9) Joey realizes that he has charged too much on his credit card and has racked up $4,600 in debt. If he can pay $125 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months
i
need help please
Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it does not Joey realizes that he has charged too much on his credit card and has racked up $5,900 in debt. If he can pay $150 each month and the card charges 12 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your...
This is for a finance course for beginners im very confused.
Thank you!
Anne has difficulty managing her debt. She usually carriess a balance on her credit card, has maxed out her $16,000 line of credit and now finds herself in the position of having to borrow to purchase a car. a)Assume Annes's credit card balance is $3,000. If she doesn't use her card again and only makes the minimum 3% payment every month, how long will it take her...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
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