FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Given:account balance:$5,000;account APR=17%
 

please help with 5-8


5. what is the dollar amount paid in interest if the balance is pid off in 24 months,ceteris paribus?
6. how much more will you pay in interest if you make a fixed payment of 4% of the original balnce than if you make the payment required to pay the balance off in 24 months?
7. if the minimum payment is 4% of the oustanding blanace, how many months will it take to pay off the wntire balance if only the minimum oayment is made each month, ceteris paribus?
8. what is the dollar amount paid in interest if the minimum payment ka made each month to pay off the entore balance,ceteris pribus?
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