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 5 months agoRelated 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...
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