Question

In: Accounting

i need someone to find the answer for this question A MasterCard statement shows a balance...

i need someone to find the answer for this question

A MasterCard statement shows a balance of $510 at 13.5% compounded monthly. What monthly payment will pay off this debt in 1 year 10 months? (Round your answer to the nearest cent.)

Solutions

Expert Solution

Total No of Months (12+10)=22 Months
Given Compounding Monthly,So Convert Yearly Rate to Monthly (13.5/12)=1.125% Monthly
Consider Each Month as one period,therefore total periods 22
Annuity Factor for 1.125% for 22 Periods is 19.3929
Outstanding Loan Amout / Annuity Factor
Equated Monthly payment =
($510/19.3929)
Periods Op Outstanding Interest Total Outstanding Montly Paymnent Outstanding
1 510 5.7375 515.7375 26.2983 489.4392
2 489.4392 5.506191 494.945391 26.2983 468.6471
3 468.6471 5.27228 473.9193708 26.2983 447.6211
4 447.6211 5.035737 452.6568078 26.2983 426.3585
5 426.3585 4.796533 431.155041 26.2983 404.8567
6 404.8567 4.554638 409.4113794 26.2983 383.1131
7 383.1131 4.310022 387.4231015 26.2983 361.1248
8 361.1248 4.062654 365.1874555 26.2983 338.8892
9 338.8892 3.812503 342.7016585 26.2983 316.4034
10 316.4034 3.559538 319.9628963 26.2983 293.6646
11 293.6646 3.303727 296.968323 26.2983 270.67
12 270.67 3.045038 273.7150608 26.2983 247.4168
13 247.4168 2.783439 250.2001993 26.2983 223.9019
14 223.9019 2.518896 226.4207957 26.2983 200.1225
15 200.1225 2.251378 202.3738738 26.2983 176.0756
16 176.0756 1.98085 178.056424 26.2983 151.7581
17 151.7581 1.707279 153.4654029 26.2983 127.1671
18 127.1671 1.43063 128.5977328 26.2983 102.2994
19 102.2994 1.150869 103.4503014 26.2983 77.152
20 77.152 0.86796 78.01996143 26.2983 51.72166
21 51.72166 0.581869 52.30353012 26.2983 26.00523
22 26.00523 0.292559 26.29778896 26.2983 -0.00051
  

$26.30Cents

ekkarill92 answered 1 year ago
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