A career counselor decides to make monthly payments of $150 on credit card debt of $3489.64 and discontinue using the credit card. (a). Assuming the annual interest rate is 22.2%, how many months will it take her to repay the debt? Round to the next month. b) How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200. Round to the next month.

Q: A career counselor decides to make monthly payments of $150 on credit card debt of $3,496.55 and…

A: Repayment means paying back the principal amount and interest by the borrower to the lender.

Q: Charmaine obtains a loan for home renovations from a bank that charges simple interest at an annual…

A: As per the given information: Rate of interest charged by a bank - 9.65% simple interest. Loan…

Q: Keiko obtains a loan for home renovations from a bank that charges simple interest at an annual rate…

A: Given: Principal (p) = $ 16, 500 Time  (t)=76365 Interest rate (r) = 9.65% = 0.0965

Q: You have credit card debt of $25,000 that has an APR (monthly compounding) of 18%. Each month you…

A: The Annual Percentage rate (APR) is the percentage rate that shows the interest rate calculates on…

Q: Andrea borrows $5200 to pay for college and will not be making a payment for 16 months. If $3500 is…

A: Interest is an additional amount which is paid by the borrower to the lender on borrowed amount for…

Q: In Aug. 2007, Irene Engels borrowed $50,000, and she borrowed another $50,000 in Aug. 2008, for…

A: The concept of the time value of money states that the current worth of money is more than its value…

Q: new employee charged $2960 on his credit card to relocate for his first job. After noticing that the…

A: Monthly payment is calculated by EMI formula. Monthly payment is calculated in excel with PMT…

Q: A BUILDING CONTRACTOR GIVES A $14,000 PROMISSORY NOTE TO A PLUMBER WHO HAS LOANED HIM $14000. tNHE…

A: Amount (A) due at the end of 9 months or “t” period , that is principal(P of $14000) plus interest…

Q: A new employee charged $4710 on his credit card to relocate for his first job. After noticing that…

A: Data given: PV= $4710 r=27% compounded monthly n= 2 years   Working Note #1 Calculation of monthly…

Q: Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate…

A: Simple Interest = Principal amount x no. of days/365 x Rate

Q: What is the loan balance after making the second payment?

A: The real return on savings account or investment which the interest is paying. It is also called…

Q: her own business. She intends to pay back the loan with a series of $2,000 payments at the beginning…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Suppose that you take out a federal direct loan on September 1 before your senior year for $7500…

A: Grace period is the period in which the borrower is not required to pay the interest on loan. In…

Q: A new employee charged $7090 on his credit card to relocate for his first job. After noticing that…

A: PMT formula: PMT =P×rm1-1+rm-m×n where, pmt = monthly payment P=principal r = rate of interest m =…

Q: You have credit card debt of $25,000 that has an APR​ (monthly compounding) of 17%. Each month you…

A: The computation of the additional borrowing as follows:

Q: Dominic Torreto borrows $300,000 from a lending company in his hometown at 12% interest compounded…

A: Loan Amount = $300,000 Interest rate = 12% Time Period = 6 Months

Q: You have just entered college and have decided to pay for your living expenses using a credit card…

A: Future Value is defined as the current asset value at the date of the future on the basis of the…

Q: ) Nancy takes out a 22-year home loan. She makes equal month-end repayments including the principal…

A: Loans are paid by the equal monthly installment and these carry the payment for interest rate and…

Q: Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the…

A: Data given: P=Loan amount = $ 5,500 r=Rate= 8.11% p.a. Date of the loan = September 7 Date of…

Q: Vivian plans to replace all four air-conditioners in her home. The total cost is $70,000. The loan…

A: Monthly flat rate is 0.8% Administration fee is $250 Down payment is $10,000 Time period is 2 years…

Q: You did not answer. Dan opens a line of credit at a local bank, and immediately borrows 2080…

A: A line of credit (LOC) is a fixed amount of money that you can borrow at any time.

Q: A recent college graduate buys a new car by borrowing $18,000 at 6%, compounded monthly, for 4…

A: The following calculations are done in the records of a recent college graduate who has applied for…

Q: Suppose a recent college graduate's first job allows her to deposit $250 at the end of each month in…

A: The monthly deposit is $250. Interest per months is (9% ÷ 12) = 0.75%. The formula to calculate…

Q: Julie has a low credit rating, plus she was furloughed from her job 2 months ago. She has a  new job…

A: The nominal interest rate is the rate of interest before taking inflation into consideration.

Q: how much would you save or lose by taking the debt consolidation company’s offer?

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: Ben incurs a debt of $2500 with an annual interest of 24%. This is a monthly rate of 24/12 = 2%.…

A: The interest on loan is directly charged as simple interest is charged. Generally, the interest is…

Q: A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for…

A: (a) The amount borrowed by this person : Amount borrowed= $8000/(1.12) = 7142.85 (b) Credit Worth…

Q: Amy has accumulated a credit card debt of $7,100 and she has decided to pay it off over the next 3…

A: The question is based on the concept of repayment of loans on reducing balance method.  The loan…

Q: June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her…

A: A deposit account that allows a user to withdraw and deposits money multiple times is known as the…

Q: and you cannot cancel on the due date, so you must cancel with a delay of 25 days, it is requested:…

A: Interest is the fee paid to a lender for using the funds. It is the compensation paid to an investor…

Q: Britta has been accepted into a 2-year Medical Assistant program at a career school. She has been…

A: In the given question an unsubsidized 10-year federal loan is given to Britta for his 2-year Medical…

Q: Many consumers carry a balance each month on their credit cards and make minimal payments toward…

A: Here, Monthly Payment is $251.22 Interest Rate is 23.77% Compounding Period is Daily i.e 365…

Q: Joan has savings of $12000 on June 1. Since she may need some of the savings during the next 3…

A: In this we need to calculate the daily basis interest and than do calculation.

Q: Virginia Osterman bought a television set on a 12-month installment plan that included a $39.00…

A: Given: Finance charge = $39.00 Monthly Payment = $54 Here, Total number of installments = 12 Settled…

Q: Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: You have credit card debt of $25,000 that has an APR (monthly compounding) of 18%. Each month you…

A: APR of old card = 18% APR of New Card = 9% Number of months in year = 12   (i) Monthly Interest rate…

Q: To purchase a used automobile, you borrow $10,000 from Loan Shark Enterprises. They tell you the…

A: The APR is the annualized measure of the costs of borrowing, the APR will increase when the cost of…

Q: Like many college students, Diana applied for and got a credit card that has an annual percentage…

A: Data given:: Purchase amount = $400 Annual percentage rate = 15% p.a. compounded monthly Monthly…

Q: A student has a savings account earning 9% simple interest. She must pay $1800 for first-semester…

A: Simple interest: As the name indicates it is a simple interest computed on the amount of principal.…

Q: Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30.…

A:

Q: Calvin Johnson has a ​$6,000 debt balance on his Visa card that charges 11.1 percent APR…

A: Data given: Debit balance on Visa card= $6000 APR (compounded monthly) = 11.1% i) Minimum monthly…

Q: Phillamone Berry has a car loan with a company that refunds interest using the rule of 78 when loans…

A: The interest is charged on the outstanding amount. The loan is to be paid over a specified duration…

Q: You currently have two loans outstanding: a car loan and a student loan. The  car loan requires that…

A: In this question equal payment is paid monthly in future. So we have to find present value of loan.

Q: Oliver takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount…

A: Here, Loan Amount is $960,000 Opening Balance at 132 Payment is $914,997.77 Interest Paid on 132…

Q: With only a​ part-time job and the need for a professional​ wardrobe, Rachel quickly maxed out her…

A: Computation of the time Period in months to pay for wardrobe is shown as follows: Hence, Rachel has…

Q: Calvin Johnson has a ​$5,500 debt balance on his Visa card that charges 12.2 percent APR compounded…

A: Given that: Interest rate = 12.2% annually periodic payment (pmt)=$220 present value= $5500 future…