Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover charges 30% APR and that each month you make only the minimum payment of 3% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.)
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Assume that you have a balance of $4200 on your Discover credit card and that you make no more charges. Assume that Discover charges 25% APR and that each month you make only the minimum payment of 2.2% of the balance. What will the balance be after 10 years? (Enter your answer rounded to the nearest cent.)Assume that you have a balance of $4900 on your Discover credit card and you make no more charges. Assume that Discover charges 23% APR and that each month you make only the minimum payment of 2.1% of the balance. What will the balance be after 10 years?
- Assume you have a balance of $3200 on your credit card that you want to pay off. Calculate your monthly payment and total payment under the given conditions. Assume you make no additional charges to the card. The credit card APR is 18% and you want to pay off the balance in 3 years.Assume that you have a balance of $4500 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance. a) Find a formula for the balance after t monthly payments. b) What will the balance be after 30 months? c) What will the balance be after 10 years?Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of S$3600 and an annual interest rate of 12%. You decide to pay off the balance over five years. If there are no further purchases charg -nt7 1- 1+ a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately S- (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 5 years is approximately S (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxes
- Assume that you have a balance of $4600 on your Discover credit card and that you make no more charges. Assume that Discover charges 26% APR and that each month you make only the minimum payment of 2.3% of the balance. What will the balance be after 10 years? Enter your answer rounded to the nearest cent. balance after 10 years: $You have a balance of $5,000 on your credit card. The interest rate is 15% per year. You want to make equal monthly payment for the next 4 years to completely pay off the balance. Assume no other purchases or payments other than your calculated plan. What must be the amount of your monthly payment? Round to the nearest $ and use the $ symbol.Suppose your credit card has a balance of $6,200 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, (a) How much must you pay each month? (b) How much total interest will you pay? Now suppose decide to pay off the balance over one year rather than three. (c) How much more must you pay each month? (d) How much less will you pay in total interest? P n Use PMT = - nt 1 - 1+ n to determine the payment amount. Round to the nearest dollar. ..... А. (а) $224 (b) $616 (c) $344 more per month; (d) $1,248 less in total interest В. (а) $224 (b) $1,864 (c) $344 more per month; (d) $1,248 less in total interest С. (а) $215 (b) $1,540 (c) $345 more per month (d) $1,020 less in total interest D. (a) $215 (b) $520 (c) $345 more per month (d) $1,020 less in total interest
- Your credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, you must pay $142.13 each month, and you will pay a total interest of $1016.68. Assume you decide to pay off the balance over one year rather than three. How much more must you pay each month and how much less will you pay in total interest? Use PMT= P -nt 1- (1 +-7) - ² to determine the regular payment amount. You will pay $ more each month. (Round to the nearest cent as needed.)Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 18%, compounded monthly. The credit card company says your minimum monthly payment is $19.80. (4.15) Solve, a. If you make only this minimum payment, how long will it take for you to repay the $1,100 balance (assuming no more charges are made)? b. If you make the minimum payment plus $10 extra each month (for a total of $29.80), how long will it take to repay the $1,100 balance? c. Compare the total interest paid in Part (a) with the total interest paid in Part (b).2.) You have a credit card with an APR of 36%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $8500. You stop charging and make only the minimum monthly payment. What is the balance on the card after eight years? (Round your answer to the nearest cent.)
