Question
In: Finance
Dudd has $10,000 in outstanding charges on his credit card. He has been paying more than...
- Dudd has $10,000 in outstanding charges on his credit card. He has been paying more than the minimum amount each month, but the interest rate is 20%. He has equity in his home, with only a first mortgage. Recommend a more cost-effective way to manage this debt.
Solutions
Expert Solution
Take a loan of 10000 i.e., second mortgage on home if the interest rate on second mortgage is less than 20%. Pay the credit card oustanding in full from that loan.
jeff jeffy answered 2 years agoRelated Solutions
On Tuesday morning, Reggie discovered his credit card was not in his wallet. He realized he...
On Tuesday morning, Reggie discovered his credit card was not in
his wallet. He realized he had not used it since the previous
Thursday when he’d bought groceries. He checked his online credit
card account register and saw that some $1,700 had been charged
around the county on his card. He immediately notified his credit
union of the lost card and unauthorized charges. For how much is
Reggie liable?
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.)
Financial analysts know that January credit card charges will generally be much lower than those of...
Financial analysts know that January credit card charges will
generally be much lower than those of the month before. What about
the difference between January and the next month? Does the trend
continue? The accompanying data set contains the monthly credit
card charges of a random sample of 99 cardholders
a) Build a regression model to predict February charges from
January charges.
How would i do this step by step using technology so I can do
other problems in the...
Financial analysts know that January credit card charges will generally be much lower than those of...
Financial analysts know that January credit card charges will
generally be much lower than those of the month before. What about
the difference between January and the next month? Does the trend
continue? The accompanying data set contains the monthly credit
card charges of a random sample of 99 cardholders. Complete parts
a) through e) below.
January
February
902.74
641.04
7212.18
4565.35
4235.42
2270.56
79.92
300.09
4045.57
1377.72
89.29
−120.74
3289.59
1928.85
2419.54
2609.97
83.81
144.83
6.42
392.85
0.00
40.46...
Jake owes $3,400 on his credit card. He is not charging any additional purchases because he...
Jake owes $3,400 on his credit card. He is not charging any
additional purchases because he wants to get this debt paid in
full. The card has an APR of 13.2 percent. How much longer will it
take him to pay off this balance if he makes monthly payments of
$50 rather than $60?
Ashley had $10,000 in credit card debt. She negotiated a settlement with the credit card company,...
Ashley had $10,000 in credit card debt. She negotiated a
settlement with the credit card company, and the credit card
company agreed to cancel $6,000 of the debt.
If Ashley has total assets of $25,000 and total liabilities of
$50,000 at the time the debt was cancelled, what amount of gross
income does Ashley have as a result of the credit card company
cancelling $6,000 of her debt?
You have been offered a credit card that charges an interest rate of 9% per semiannual...
You have been offered a credit card that charges an interest
rate of 9% per semiannual period. By regulation, they must disclose
(in the fine print) an APR to their customers. What is the APR they
disclose and what is their EAR?
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