Calvin Johnson has a ​$6,000 debt balance on his Visa card that charges 11.1 percent APR compounded monthly. In​ 2009, Calvin's minimum monthly payment is 4 percent of his debt​ balance, which is ​$240. How many months​ (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of $240 at the end of each​ month? In​ 2010, as the result of a federal​ mandate, the minimum monthly payment on credit cards rose to 5 percent. If Calvin made monthly payments of ​$300 at the end of each​ month, how long would it take to pay off his credit​ card?

Parker Young recently received his monthly MasterCard bill for the period June 1-30, 2017, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 19% per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous balance: $256       Purchases:     Payments:   June 4 $117   June 21 $35 June 12 $79       June 20 $92       June 26 $72       What is his ADB for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Do not round intermediate calculations. Round the answer to 2 decimal places. What is his the finance charge for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Do not round intermediate calculations. Round the answer to 2 decimal places.

Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous Balance: $303       Purchases:     Payments:   June 4 $111   June 21 $35 June 12 $45       June 20 $127       June 26 $43         What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent. ADB:                  $   Finance charges: $

Jefferson qualifies for an income- adjusted monthly payment of $455. If Jefferson has a subsidized student loan of $47,000 in an annual interest rate of 4% (compounded monthly), how many months are required to repay the loan? (Round your answer to the nearest month)

Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,900. Her loan requires a 25% down payment and equal monthly payments of $283.00 for 60 months. Calculate the total deferred payment price (in $).

If Maria uses her card only for her books this fall and next fall, how will these purchases affect her monthly payments if she still wants to eliminate her balance and be debt-free in 24 months? (Assume that her book purchases are for $600 and are 3 months and 15 months away.). Use an APR of 18%.

Cheng has accumulated $2,405 in debt on his credit card. The card has an APR of 17.86 percent. Cheng is creating a plan to become debt-free. He wants to know how much he should pay each month to pay off his credit card in 2 years. Use Excel to compute Cheng's monthly payment.

Travis currently owes $8,000 to a friend who is charging him interest of 2.70% p.m. He is required to settle the loan with two equal payments, one today and the other in five months. Calculate the size of the payments using five months as the focal date.

Jefferson qualifies for an income-adjusted monthly payment of $475. If Jefferson has a subsidized student loan of $48,000 at an annual interest rate of 4% (compounded monthly), how many months are required to repay the loan? (Round your answer up to the nearest month.)

Lacy has a $49,500.00 student loan when she graduates on May 4, and the prime rate is set at 4.5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $950.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule. Calculate the total interest charged for both the grace period and the four payments combined. Assume February does not involve a leap year. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance Annual before Interest Transaction Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) Principal Amount Balance after Transaction June 1 $49,500.00 Nov 30 7% (inclusive) ☐ ☐ Dec 31 7% Jan 31 7% Feb 28 7% Mar 31 7% Total combined interest…