Question

In: Finance

For the best terms on a loan or credit card, you need a credit score above...

For the best terms on a loan or credit card, you need a credit score above 700. To achieve this, start establishing credit now. Pay all of your bills on time. In addition, use only one-third of your available credit limit and pay off your revolving balance(s) each month. R. J. Johnson has excellent credit. She wants to purchase a piece of equipment for her business and was offered 7% for 72 months for the $49,000 unit.

What is her monthly payment by add-on method? (Round your answer to the nearest cent.)

Solutions

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

jeff jeffy answered 6 months ago
Next > < Previous

Related Solutions

Give a short definition of the following terms Credit Risk Credit Report Credit Score Operational Risk...
Give a short definition of the following terms Credit Risk Credit Report Credit Score Operational Risk Interest Rate Risk Liquidity Risk Market Risk
Briefly describe the risk profile of the following loan products: a. Credit card loan b. Mortgage...
Briefly describe the risk profile of the following loan products: a. Credit card loan b. Mortgage c. Unsecured short term loan for small business
Use data in BUSI1013 Credit Card Balance.xlsx to complete the following. You will need to use...
Use data in BUSI1013 Credit Card Balance.xlsx to complete the following. You will need to use a statistical package such as StatTools or the Regression program within Excel’s Data Analysis Add-in to generate the estimated regression equation and the ANOVA etc. (12 points) What is the estimated regression equation using Account Balance as the dependent variable, and Income, Years of Education, as well as Size of Household as the independent variable? a.Comment on the goodness of fit of the model...
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate...
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 1.9 percent per year, compounded monthly for the first six months, increasing thereafter to 17 percent compounded monthly. Assuming you transfer the $8,500 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate...
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 2 percent per year, compounded monthly for the first six months, increasing thereafter to 16 percent compounded monthly. Assuming you transfer the $7,400 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate...
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 3.8 percent per year, compounded monthly for the first six months, increasing thereafter to 18.7 percent compounded monthly. Assuming you transfer the $18,500 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate...
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 2.7 percent per year, compounded monthly for the first six months, increasing thereafter to 17.6 percent compounded monthly. Assuming you transfer the $13,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate...
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 1.25 percent per year, compounded monthly for the first six months, increasing thereafter to 17.8 percent compounded monthly. Assume you transfer the $8,000 balance from your existing credit card and make no subsequent payments. How much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
5.31       Calculating Interest Expense You receive a credit card application from Shady Banks Savings and Loan...
5.31       Calculating Interest Expense You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of .9 percent per year, compounded monthly for the first six months, increasing thereafter to 18.5 percent compounded monthly. Assuming you transfer the $10,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?
QUESTION 7 Part A: You owe $60,000 on your credit card. The credit card charges interest...
QUESTION 7 Part A: You owe $60,000 on your credit card. The credit card charges interest monthly and has an APR of 18.0%. You want to pay off the debt in 60 months. What is the monthly payment? a. 1,624.5 b. 1,523.6 c. 1,752.6 d. 1,758.9 Part B: You want to buy a house, 5 years from now, and you plan to save $60,000 per year, beginning one year from today. You will make 5 deposits in an account that...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT