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 $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:_________________
Solutions
Expert Solution
| Months | Outstanding Bal. | Interest @ 18% | Payment | Running Balance | ||
| 1 | $ 5,100.00 | $ 76.50 | 125 | $ 5,051.50 | ||
| 2 | $ 5,051.50 | $ 75.77 | 125 | $ 5,002.27 | ||
| 3 | $ 5,002.27 | $ 75.03 | 125 | $ 4,952.31 | ||
| 4 | $ 4,952.31 | $ 74.28 | 125 | $ 4,901.59 | ||
| 5 | $ 4,901.59 | $ 73.52 | 125 | $ 4,850.12 | ||
| 6 | $ 4,850.12 | $ 72.75 | 125 | $ 4,797.87 | ||
| 7 | $ 4,797.87 | $ 71.97 | 125 | $ 4,744.83 | ||
| 8 | $ 4,744.83 | $ 71.17 | 125 | $ 4,691.01 | ||
| 9 | $ 4,691.01 | $ 70.37 | 125 | $ 4,636.37 | ||
| 10 | $ 4,636.37 | $ 69.55 | 125 | $ 4,580.92 | ||
| 11 | $ 4,580.92 | $ 68.71 | 125 | $ 4,524.63 | ||
| 12 | $ 4,524.63 | $ 67.87 | 125 | $ 4,467.50 | ||
| 13 | $ 4,467.50 | $ 67.01 | 125 | $ 4,409.51 | ||
| 14 | $ 4,409.51 | $ 66.14 | 125 | $ 4,350.66 | ||
| 15 | $ 4,350.66 | $ 65.26 | 125 | $ 4,290.92 | ||
| 16 | $ 4,290.92 | $ 64.36 | 125 | $ 4,230.28 | ||
| 17 | $ 4,230.28 | $ 63.45 | 125 | $ 4,168.73 | ||
| 18 | $ 4,168.73 | $ 62.53 | 125 | $ 4,106.27 | ||
| 19 | $ 4,106.27 | $ 61.59 | 125 | $ 4,042.86 | ||
| 20 | $ 4,042.86 | $ 60.64 | 125 | $ 3,978.50 | ||
| 21 | $ 3,978.50 | $ 59.68 | 125 | $ 3,913.18 | ||
| 22 | $ 3,913.18 | $ 58.70 | 125 | $ 3,846.88 | ||
| 23 | $ 3,846.88 | $ 57.70 | 125 | $ 3,779.58 | ||
| 24 | $ 3,779.58 | $ 56.69 | 125 | $ 3,711.27 | ||
| 25 | $ 3,711.27 | $ 55.67 | 125 | $ 3,641.94 | ||
| 26 | $ 3,641.94 | $ 54.63 | 125 | $ 3,571.57 | ||
| 27 | $ 3,571.57 | $ 53.57 | 125 | $ 3,500.15 | ||
| 28 | $ 3,500.15 | $ 52.50 | 125 | $ 3,427.65 | ||
| 29 | $ 3,427.65 | $ 51.41 | 125 | $ 3,354.06 | ||
| 30 | $ 3,354.06 | $ 50.31 | 125 | $ 3,279.37 | ||
| 31 | $ 3,279.37 | $ 49.19 | 125 | $ 3,203.56 | ||
| 32 | $ 3,203.56 | $ 48.05 | 125 | $ 3,126.62 | ||
| 33 | $ 3,126.62 | $ 46.90 | 125 | $ 3,048.52 | ||
| 34 | $ 3,048.52 | $ 45.73 | 125 | $ 2,969.25 | ||
| 35 | $ 2,969.25 | $ 44.54 | 125 | $ 2,888.78 | ||
| 36 | $ 2,888.78 | $ 43.33 | 125 | $ 2,807.12 | ||
| 37 | $ 2,807.12 | $ 42.11 | 125 | $ 2,724.22 | ||
| 38 | $ 2,724.22 | $ 40.86 | 125 | $ 2,640.09 | ||
| 39 | $ 2,640.09 | $ 39.60 | 125 | $ 2,554.69 | ||
| 40 | $ 2,554.69 | $ 38.32 | 125 | $ 2,468.01 | ||
| 41 | $ 2,468.01 | $ 37.02 | 125 | $ 2,380.03 | ||
| 42 | $ 2,380.03 | $ 35.70 | 125 | $ 2,290.73 | ||
| 43 | $ 2,290.73 | $ 34.36 | 125 | $ 2,200.09 | ||
| 44 | $ 2,200.09 | $ 33.00 | 125 | $ 2,108.09 | ||
| 45 | $ 2,108.09 | $ 31.62 | 125 | $ 2,014.71 | ||
| 46 | $ 2,014.71 | $ 30.22 | 125 | $ 1,919.93 | ||
| 47 | $ 1,919.93 | $ 28.80 | 125 | $ 1,823.73 | ||
| 48 | $ 1,823.73 | $ 27.36 | 125 | $ 1,726.09 | ||
| 49 | $ 1,726.09 | $ 25.89 | 125 | $ 1,626.98 | ||
| 50 | $ 1,626.98 | $ 24.40 | 125 | $ 1,526.38 | ||
| 51 | $ 1,526.38 | $ 22.90 | 125 | $ 1,424.28 | ||
| 52 | $ 1,424.28 | $ 21.36 | 125 | $ 1,320.64 | ||
| 53 | $ 1,320.64 | $ 19.81 | 125 | $ 1,215.45 | ||
| 54 | $ 1,215.45 | $ 18.23 | 125 | $ 1,108.68 | ||
| 55 | $ 1,108.68 | $ 16.63 | 125 | $ 1,000.31 | ||
| 56 | $ 1,000.31 | $ 15.00 | 125 | $ 890.32 | ||
| 57 | $ 890.32 | $ 13.35 | 125 | $ 778.67 | ||
| 58 | $ 778.67 | $ 11.68 | 125 | $ 665.35 | ||
| 59 | $ 665.35 | $ 9.98 | 125 | $ 550.33 | ||
| 60 | $ 550.33 | $ 8.26 | 125 | $ 433.59 | ||
| 61 | $ 433.59 | $ 6.50 | 125 | $ 315.09 | ||
| 62 | $ 315.09 | $ 4.73 | 125 | $ 194.82 | ||
| 63 | $ 194.82 | $ 2.92 | 125 | $ 72.74 | ||
| 64 | $ 72.74 | $ 1.09 | 125 | $ (51.17) | ||
| In the 64 month all the payment is made | ||||||
| but not required full month for the payment | ||||||
| So For payment of $ 72.74 / $ 125 = 0.58 months | ||||||
| So months required for the payment = 63.58 Months | ||||||
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