One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.6 percent per month interest on the overdue balance. If the current balance is $15,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Months for account to be paid off

One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.6 percent per month interest on the overdue balance. If the current balance is $15,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Months for account to be paid off

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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Similar questions

On January 1, Yumati Electric borrows $700,000 at an interest rate of 6% today and will repay this amount by making 14 semiannual payments beginning May 31. What is the approximate amount of each payments that Yumati will need to make? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
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
Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of July. The limit on your line of credit is $1000.00. You receive daily interest of 1.4% p.a. on positive balances and pay daily interest of 8% p.a. on negative (line of credit) balances. Overdraft interest is 16% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. E Click the icon to view the statement for the month of July (a) Calculate the amount of interest earned. Total interest earned = S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = $ (Round the final answer to the nearest cent as needed. Round all intermediate…
You have a credit card with an APR of 20%. The minimum payment is 12% of the balance. Suppose you have a balance of $1000. You decide to stop charging and make only the minimum payment. Complete the table. (Round your answers to the nearest cent.) Finance Charge (+) Month 1 Month 2 Previous Balance Purchases (+) 0 0 Payments () ANOTHER New Balance
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
The annual interest rate on a credit card is 17.99%. If a payment of $400.00 is made each month, how many months will it take to pay off an unpaid balance of $2584.16? Assume that no new purchases are made with the credit card. (Don't Hand writing in solution) .
A particular credit card calculates interest using the unpaid balance method. The monthly interest rate is 1.57% on the unpaid balance on the first day of the billing period minus any payment. At the beginning of the month you owed $1352. You made a payment of $300. a) During the month you bought theatre tickets for $37, went out to eat for $80, and bought a television for $350. What's your new balance (include what your balance was after your payment + new purchases + finance charges)?
Please solve this question
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days ong. (Round your answers to the nearest cent.) $3000 balance, 17%, $2,500 payment (a) previous balance method (b) adjusted balance method (c) average daily balance method
Which one?
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $200 balance, 17%, $50 payment (a) previous balance method$ (b) adjusted balance method$ (c) average daily balance method

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