Question
In: Finance
You have a $8,000 balance on your credit card, which has an effective monthly interest rate...
You have a $8,000 balance on your credit card, which has an effective monthly interest rate of 1.5%. How many months will it take you to pay off the balance by making monthly payments of $400?
Solutions
Expert Solution
It will take 24 months to payoff the balance.
The detailed calculation is shown in the image below.
Interest is calculated by multiplying the balance with 1.5%.
Principle is calculated by substracting interest from payment
and balance is calculated by subtracting principle from previous balace.
jeff jeffy answered 2 years agoRelated Solutions
You have a $8,000 balance on your credit card, which has aneffective monthly interest rate...
You have a $8,000 balance on your credit card, which has an
effective monthly interest rate of 1.5%. How many months will it
take you to pay off the balance by making monthly payments of
$400?
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You have a $7,000 balance on your credit card, which has an effective monthly interest rate...
You have a $7,000 balance on your credit card, which has an
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show alll work of have to isolate t
You have a $4,000 balance on your credit card. The interest rate on the card is a 17.68% APR, based on monthly compounding.
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