Question
In: Finance
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.)
Solutions
Expert Solution
PV =
r = 15%/12 = 1.25% (monthly), PV = $4200, P = $175
0.3 = 1 - 1.0125-n
1.0125-n = 0.7
Taking log of both sides,
-n * LN(1.0125) = LN(0.7)
-n * 0.012423 = -0.35667
n = 28.71 months
jeff jeffy answered 2 years agoRelated Solutions
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.)
Phoebe realizes that she has charged too much on her credit card and has racked up...
Phoebe realizes that she has charged too much on her credit card
and has racked up $5,000 in debt. If she can pay $250 each month
and the card charges 20 percent APR (compounded monthly), how long
will it take her to pay off the debt, in months?
Phoebe realizes that she has charged too much on her credit card and has racked up...
Phoebe realizes that she has charged too much on her credit card
and has racked up $5,000 in debt. If she can pay $250 each month
and the card charges 20 percent APR (compounded monthly), how long
will it take her to pay off the debt, in months? (Round your answer
upwards to the nearest whole number of months and do not use
decimals. For example, 9.6 months rounds to 10 months.)
Elliot is enjoying watching his son grow up. He realizes that his son currently has no...
Elliot is enjoying watching his son grow up. He realizes that
his son currently has no conception of sex or gender--his own or
anyone else's. But as soon as his mind has matured to the point he
can recognize constant patterns of male-ness and female-ness, he
will develop his gender identity. Which theory in your text best
applies to this example of stages?
Group of answer choices:
social learning theory
cognitive development theory
gender-role transcendence theory
psychosexual theory
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.)
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?
Professor realizes that he hates his class and has decided to give each of his students...
Professor realizes that he hates his class and has decided to
give each of his students a 20-point decrease in
all their grades for no reason. Help him write the C++ code that
will allow him to do this.
Consider the code on the next page. It creates an array of 10
structs called students which contains their name
and their grade. It is nearly complete. Your task is the
following:
Complete the user-defined function called
subtractTwenty.
You will need...
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.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- ● For this task you are required to refactor the badly written program RPN.java. This program...
- Tidewater Company uses the product cost concept of applying the cost-plus approach to product pricing. The...
- Create 5 short-term plan of technology projects that you can perform outside of an I.T. department...
- Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
- Toady and Froggy were running a vegan cafe together. The business was having financial difficulties.Betelguese, who...
- 1. The following questions concern Jesse Gelsinger who suffered from partial OTC. a. In the...
- Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales...
ADVERTISEMENT