Question

In: Finance

Credit Card Debt – How long will it take me to pay off my credit card...

Credit Card Debt – How long will it take me to pay off my credit card balance of $3,750? The credit card company is charging 10% interest. I can afford to pay $150/month, but would prefer to pay $100/month because I want to continue my cable service. Please show me the answer to both scenarios.

Solutions

Expert Solution

ANSWER IN THE IMAGE((YELLOW HIGHLIGHTED). FEEL FREE TO ASK ANY DOUBTS. THUMBS UP PLEASE.

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

If you take the maximum length of time to pay off a credit card, at a...
If you take the maximum length of time to pay off a credit card, at a rate of 18.5%, how much interest will you pay in interest on a debt of $2,000?. Based your calculations on a minimum payment of 1/36 or $20, whichever is greater.
How long will it take to pay off a loan of ​$54,000 at an annual rate...
How long will it take to pay off a loan of ​$54,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of ​$750​? Use five decimal places for the monthly percentage rate in your calculations.
How long will it take to pay off a loan of ​$52,000 at an annual rate...
How long will it take to pay off a loan of ​$52,000 at an annual rate of 12 percent compounded monthly if you make monthly payments of ​$750​? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is ____ years. (Round to one decimal​ place.)
How long will it take to pay off a loan of $45,000 at an annual rate...
How long will it take to pay off a loan of $45,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $600? Use five decimal places for the monthly percentage rate in your calculations.
When using time value of money to calculate how long it will take to pay off...
When using time value of money to calculate how long it will take to pay off a debt, what do you solve for? A) Number of Periods B) Present Value C) Interest Rate D) Future Value
You just bought a TV for $600 on credit card. You plan to pay back of $50 a month for this credit card debt.
You just bought a TV for $600 on credit card. You plan to pay back of $50 a month for this credit card debt. The credit card charges you 12% of interest rate on the monthly basis. So how long does it take to pay back your credit card debt? A. 11.78 month B. 11.43 month C. 12.91 month D. 12.85 month
Because of the relatively high interest rates, most consumers attempt to pay off their credit card...
Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 30 dollars and a standard deviation of 9 dollars. A. What proportion of the bank's Visa cardholders pay more than 34 dollars in interest? B. What proportion of the bank's Visa...
Because of the relatively high interest rates, most consumers attempt to pay off their credit card...
Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 28 dollars and a standard deviation of 9 dollars. A. What proportion of the bank's Visa cardholders pay more than 30 dollars in interest? Proportion = B. What proportion of the...
Because of the relatively high interest rates, most consumers attempt to pay off their credit card...
Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 26 dollars and a standard deviation of 8 dollars. A. What proportion of the bank's Visa cardholders pay more than 29 dollars in interest? Proportion = B. What proportion of the...
Because of the relatively high interest rates, most consumers attempt to pay off their credit card...
Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 30 dollars and a standard deviation of 7 dollars. A. What proportion of the bank's Visa cardholders pay more than 33 dollars in interest? Proportion = B. What proportion of the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT