Question
In: Finance
You accumulated a balance of $2,300 on your credit card that carries an interest rate of...
You accumulated a balance of $2,300 on your credit card that carries an interest rate of 17%. You can't afford to pay the $2,300 all at once, but you can pay the minimum payment, which is 2% per month (not less than $25).
What is the balance on your card after 5 years?
Solutions
jeff jeffy answered 11 months agoRelated Solutions
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
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You have a credit card on which you owe a balance of $3,000. The card carries...
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payment due each month, which is a constant $60 (HINT: The amount
you owe the credit card company today is a loan).
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
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show alll work of have to isolate t
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...
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).
You have a $10,000 balance on your credit card, which has an effective monthly interest rate...
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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
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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
effective monthly interest rate of 1.25%. How many months will it
take you to pay off the balance by making monthly payments of
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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
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