Question
In: Finance
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 effective monthly interest rate of 1.25%. How many months will it take you to pay off the balance by making monthly payments of $300?
Solutions
Expert Solution
rate positively .. let me know if you need any clariifcation .
| We have to use financial claculator to solve this | ||||||
| Put in calculator | ||||||
| FV | 0 | |||||
| PV | -7000 | |||||
| I | 1.25% | |||||
| PMT | 300 | |||||
| Compute N | 27.76 | |||||
| ans = | 27.8 month or 28 month (Ronded off to single digit) |
jeff jeffy answered 2 years agoRelated Solutions
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
effective monthly interest rate of 1.25%. How many months will it
take you to pay off the balance by making monthly payments of
$300?
You have a $10,000 balance on your credit card, which has an effective monthly interest rate...
You have a $10,000 balance on your credit card, which has an
effective monthly interest rate of 2%. How many months will it take
you to pay off the balance by making monthly payments of $600?
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?
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?
You have a $20,000 balance on your credit card, which has an interest rate of 21%...
You have a $20,000 balance on your credit card, which has an
interest rate of 21% compounded quarterly. How many years will it
take you to pay off the balance by making monthly payments of
$800?
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.
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. Assume that you are not going to add any more charges to the card. If you make monthly (end-of-the-month) payments of $265 each, how long in years will it take you to pay off the card? Input your answer rounded to the nearest 0.1 year (in other words, nearest 10th of a year).
For a credit card with a balance of $10,500 and an interest rate of 21.99% (monthly...
For a credit card with a balance of $10,500 and an interest rate
of 21.99% (monthly compounding, charged on the outstanding balance
each month), how much total interest will you pay over the
repayment period if your payment each month is $245?
Your credit card has a balance of ?$3100 and an annual interest rate of 18?%. You...
Your credit card has a balance of ?$3100 and an annual interest
rate of 18?%. You decide to pay off the balance over two years. If
there are no further purchases charged to the? card, you must pay
?$154.76 each month? , and you will pay a total interest of
?$614.24. Assume you decide to pay off the balance over one year
rather than two. How much more must you pay each month and how much
less will you pay...
You are paying an effective annual rate of 18.75 percent on your credit card. The interest...
You are paying an effective annual rate of 18.75 percent on your
credit card. The interest is compounded monthly. What is the annual
percentage rate on this account? APR=
Your credit card has a balance of $550 and an annual interest rate of 17%. With...
Your credit card has a balance of $550 and an annual interest
rate of 17%. With no further purchases charged to the card and the
balance being paid off over five years, the monthly payment is
?$137?, and the total interest paid is ?$2720. You can get a bank
loan at 9.5% with a term of six years.
a. How much will you pay each? month? How does
this compare with the? credit-card payment each? month?
Select the correct choice...
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