Charlie has $30,000 credit card debt, the bank charged 2% each monthly interest, and he will...

Charlie has $30,000 credit card debt, the bank charged 2% each monthly interest, and he will pay $1,000 monthly to pay off the balance. Assume there will be no further purchase with this card, how many monthly payment need to repay his debt? (Please solve this problem using calculator functions and list the 5 factors and write down the solve factor with answer.)

Solutions

Expert Solution

PV = $30,000
PMT = $1,000
I/Y = 2%
FV = 0

CPT N = 46.27 months

Number of months = 46.27 months

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

Your friend Sue has $20,000 of credit card debt (25% interest charge compounded monthly). Sue plans...

Your friend Sue has $20,000 of credit card debt (25% interest charge compounded monthly). Sue plans on paying $400 per month over the next 10 years on this credit card. Your other friend Joe has $40,000 of student loan debt (15% interest charge compounded monthly). Joe plans on paying $645.34 each month for the next 10 years. Which person, Sue or Joe, do you feel will pay the most interest expense and why? Which person (Joe or Sue) has the...

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? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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 $5,100 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. 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 $4,000 in debt. If he can pay $250 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt assuming no new purchases are made on the card (Show answers in months)?" 18.4 14.5 11.9 22.9 16.0

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 $5,900 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 final answer to 2 decimal places.)

The annual interest rate on a credit card is 18% with interest compounded monthly. If a...

The annual interest rate on a credit card is 18% with interest compounded monthly. If a payment of $100 is made at the end of each month, how many months will it take to pay off an unpaid balance of $2,583.56 (assuming no additional purchases are made)?

For a credit card with a balance of $10,500 and an interest rate of 21.99% (monthly...

For a credit card with a balance of $10,500 and an interest rate of 21.99% (monthly compounding, charged on the outstanding balance each month), how much total interest will you pay over the repayment period if your payment each month is $245?

Credit card finance charge for a period is simple interest charged on the account balance at...

Credit card finance charge for a period is simple interest charged on the account balance at the end of the period.

Simon recently received a credit card with a 15% nominal interest rate. With the card, he...

Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $363.75. The minimum payment on the card is only $10 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. ______month(s) If Simon makes monthly payments of $35, how...

Simon recently received a credit card with a 20% nominal interest rate. With the card, he...

Simon recently received a credit card with a 20% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $410.00. The minimum payment on the card is only $20 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. ? month(s) If Simon makes monthly payments of $60,...

Subjects