Question
In: Finance
A)Simon recently received a credit card with an 18% nominal interest rate. With the card, he...
A)Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $382.27. The minimum payment on the card is only $20 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number.
B) If Simon makes monthly payments of $65, how many months will it be before he pays off the debt? Do not round intermediate calculations. Round your answer to the nearest whole number.
C) How much more in total payments will Simon make under the $20-a-month plan than under the $65-a-month plan. Do not round intermediate calculations. Round your answer to the nearest cent.
Solutions
jeff jeffy answered 10 months agoRelated Solutions
Simon recently received a credit card with an 18% nominal interest rate. With the card, he...
Simon recently received a credit card with an 18% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$375.84. The minimum payment on the card is only $20 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
month(s)
If Simon makes monthly payments of $65, how...
Simon recently received a credit card with a 15% nominal interest rate. With the card, he...
Simon recently received a credit card with a 15% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$363.75. The minimum payment on the card is only $10 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
______month(s)
If Simon makes monthly payments of $35, how...
Simon recently received a credit card with a 20% nominal interest rate. With the card, he...
Simon recently received a credit card with a 20% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$410.00. The minimum payment on the card is only $20 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
? month(s)
If Simon makes monthly payments of $60,...
Simon recently received a credit card with a 12% nominal interest rate. With the card, he...
Simon recently received a credit card with a 12% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$384.15. The minimum payment on the card is only $10 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
If Simon makes monthly payments of $35, how many...
Simon recently received a credit card with a 12% nominal interest rate. With the card, he...
Simon recently received a credit card with a 12% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$353.81. The minimum payment on the card is only $10 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
month(s)
If Simon makes monthly payments of $35, how...
Simon recently received a credit card with an 13% nominal interest rate. With the card, he...
Simon recently received a credit card with an 13% nominal
interest rate. With the card, he purchased an Apple iPhone 5 for
$460. The minimum payment on the card is only $20 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest month.
month(s)
If Simon makes monthly payments of $60, how many...
Simon recently received a credit card with a 21% nominal interest rate. With the card, he...
Simon recently received a credit card with a 21% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$351.58. The minimum payment on the card is only $20 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
month(s)
If Simon makes monthly payments of $65, how...
Simon recently received a credit card with a 20% nominal interest rate. With the card, he...
Simon recently received a credit card with a 20% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$350.00. The minimum payment on the card is only $20 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
month(s)
If Simon makes monthly payments of $60, how...
Simon recently received a credit card with a 14% nominal interest rate. With the card, he...
Simon recently received a credit card with a 14% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$320.00. The minimum payment on the card is only $10 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
...............month(s)
If Simon makes monthly payments of $30, how...
Simon recently received a credit card with a 19% nominal interest rate. With the card, he...
Simon recently received a credit card with a 19% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$440.00. The minimum payment on the card is only $10 per month.
If Simon makes the minimum monthly payment and makes no other
charges, how many months will it be before he pays off the card? Do
not round intermediate calculations. Round your answer to the
nearest whole number.
month(s)
If Simon makes monthly payments of $30, how...
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