You currently have a balance of $8,000 and you pay an interest rate of 12% per year on the card. Your minimum payment is 3% of the statement balance. If you pay the minimum balance for 20 months, what will be your new balance?
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A: Solved using Financial Calculator PV = - 750,000 I/Y = 0.25 N = 36 CPT PMT = 21,810.91
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou currently have a balance of $5,000 and you pay an interest rate of 17% per year on the card. Your minimum payment is 3% of the statement balance. If you pay the minimum balance for 20 months, what will be your new balance? Answer: x (3,602.40)Suppose you currently have $20,000 and plan to purchase a 8-year certificate of deposit (CD) that pays 6% interest, compounded annually. How much will you have when the CD matures?
- Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.You have a balance of $8,000 on your credit card. The interest rate is 19% per year. You want to make equal monthly payment for the next 6 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 you take on a loan that is subject to an annual interest rate of 12%, with the interest rate being calculated at the end of each month. Two years later you pay back the loan in full by making a payment of $1,020. What was the original amount of the loan?
- You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 12% annnually on the account. How many years will it take to reach your goal?Your bank is offering you an account that will pay 20% interest in total for a two-year deposit. Determine the equivalent discount rate for a period length of 1 year, 6 months, & 1 year?You plan to deposit S500 in a bank account now and S400 at the end of the year. If the account earns 4% interest per year, what will the balance be in theaccount right after you make the second deposit?
- 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.)If you borrow $2800 and agree to repay the loan in 5 equal annual payments at an interest rate of 12%, what will your payment be if you make the first payment immediately instead of at the end of the first year?if you deposit $17,000 in the bank today, you will be able to withdraw $24,000 from the account in six years. what is the implied rate that the back is paying?
