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

Expert Solution

jeff jeffy answered 5 months ago

Next > < Previous

Related 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 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...

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...

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 $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 $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 $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?

Edgar accumulated $7,000 in credit card debt. If the interest rate is 20% per year, and...

Edgar accumulated $7,000 in credit card debt. If the interest rate is 20% per year, and he does not make any payments for 3 years, how much will he owe (in dollars) on this debt in 3 years by each method of compounding? (Simplify your answers completely. Round your answers to the nearest cent.) (a) compound quarterly $ (b) compound monthly $ (c) compound continuously $

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?

Subjects