Suppose you have a balance of $3000 on a credit card. Using the formula from Part G, consider the following scenari...
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...
Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual percentage rate is 19.1%. a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance?...
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 $1,000 balance on your credit card, the payment on the card is $20 per month, if monthly interest rate is 1.5%, then how long does it take to pay off the balance on the card?
9. Credit Cards: a. If you have a balance of $1,245.00 on your credit card, how long will it take you to pay off the balance if you make $50.00/month payments until it is paid off? The APR is 19%. b. What will be your monthly payment on a credit card with a balance of $2,456.80, if you desire to pay it off in 2 years, at an APR of 23.99%? 10. A furniture company allows customers to purchase household...
Suppose your credit card balance is $17000 . The minimum payment is $347, and the annual percentage rate is 20.1%. a. If you make a constant monthly payment of $347, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Please complete using Excel and show all formulas used.
Suppose your credit card balance is $15500 . The minimum payment is $319, and the annual percentage rate is 20.1%. a. If you make a constant monthly payment of $319, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Please use Excel to solve and show all formulas.
Credit Card Debt DUE MARCH 1ST MaX 4 peaple) Recently you got in the mail an AMAZING! offer for a credit card, no credic check required! The card offered a low low interest rate of only 2% per month with a maximum of $2,000 with a low minimum payment of 1% the total amount owed. A month after filling out the form you recieved your shiney new credit card in the mail. You took your card out for a spin...
Suppose you have a credit card with a balance of $14,340.87 that charges 10.13% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
Suppose you have a credit card with a balance of $10,457.03 that charges 12.65% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?