One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments of $550 per month and will charge a monthly interest rate of 1.38 percent. How many months will it take for the account to be paid off? Multiple Choiçce 48.00 months 85.32 months 79.23 months 73.95 months 37.08 months

One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments of $550 per month and will charge a monthly interest rate of 1.38 percent. How many months will it take for the account to be paid off? Multiple Choiçce 48.00 months 85.32 months 79.23 months 73.95 months 37.08 months

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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1. Jake has a credit card with an outstanding balance of $18,504. The credit card company charges an APR of 23.2% compounded monthly. The minimum payment is $536 per month. a) How many months will it take Jake to pay off the outstanding balance? b) What monthly payment is necessary to repay the debt in 3 years?
Assume that you have a balance of $5000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and thut each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. ellook
calculate the monthly finance charge for the credit card transaction assume that it takes 10 days for the payment to be received and recorded and the month is 30 days long (round your answer to the nearest cent) $675 balance 15%, $625 payment, average daily balance method $___________
You have a credit card that has a balance of $6400 at an APR of 13.49%. You plan to pay $300 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance?
10
Letter of credit or line of credit. As We Go Bank offers its customers a line-of-credit loan in which each month’s outstanding balance has an interest charge at 12% APR. For the following loans, all with a $100,000 credit line, what are the required monthly interest payments and the total interest paid for the year?
You just obtained a loan of $12,157 with monthly payments for four years at 5.77 percent interest, compounded monthly. What is the amount of each payment? Instruction: Enter your response rounded to two decimal places. 1 h
Assume that you start with a balance of $3900 on your credit card. During the first month you charge $400 and during the second month you charge $650 Assume that you credit card charges a 29% APR and that each month only the minimum payment of 2.5% of the balance. Table round to the nearest cent 1 month Previous balance, Finance charge- Purchase- New balance 2 month Previous balance, Finance charge- Purchase- New balance
Q. 8
A payday loan company charges you 4% interest to borrow money for just two weeks. What is the equivalent annual percentage rate? Your Answer: Answer
One of your customers has just made a purchase in the amount of $27,200. You have agreed to payments of $575 per month and will charge a monthly interest rate of 1.41 percent. How many months will it take for the account to be paid off? One of your customers has just made a purchase in the amount of $27,200. You have agreed to payments of $575 per month and will charge a monthly interest rate of 1.41 percent. How many months will it take for the account to be paid off? Multiple Choice: 36.50 months 84.57 months 78.53 months 73.30 months 47.30 months
Today, you signed loan papers agreeing to borrow $4,954.85 at 12% APR compounded monthly. The loan payment is $142.33 a month. How many loan payments must you make before the loan is paid in full? A. 29.89B. 30.02C. 38.88D. 40.00E. 43.00

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