Henry's monthly minimum credit card payment is calculated by first applying 17% APR which is compounded monthly to the outstanding loan amount. Then he pays 2% of that figure. Currently, Henry has a balance of $14375. What will his monthly payment be? $ it's monthly, then take 2% of that number hint: First apply the 17% remember that Assuming that he only pays the minimum what will his new loan balance be? $ Hint: Take the loan with the 17% added on. Then subtract the payment you just found from the first answer.
Henry's monthly minimum credit card payment is calculated by first applying 17% APR which is compounded monthly to the outstanding loan amount. Then he pays 2% of that figure. Currently, Henry has a balance of $14375. What will his monthly payment be? $ it's monthly, then take 2% of that number hint: First apply the 17% remember that Assuming that he only pays the minimum what will his new loan balance be? $ Hint: Take the loan with the 17% added on. Then subtract the payment you just found from the first answer.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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have tried this question multiple times and i keep getting it wrong
Transcribed Image Text:Henry's monthly minimum credit card payment is calculated by first applying 17% APR which is compounded
monthly to the outstanding loan amount. Then he pays 2% of that figure. Currently, Henry has a balance of
$14375.
What will his monthly payment be? $
it's monthly, then take 2% of that number
Assuming that he only pays the minimum what will his new loan balance be? $
Hint: Take the loan with the 17% added on. Then subtract the payment you just found from the first
answer.
How much did his debt decrease by? $
to the new loan balance
Question Help: Message instructor
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hint: First apply the 17% remember that
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hint: Compare the original loan amount
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