Phoebe realizes that she has charged too much on her credit card and has racked up $6,600 in debt. If she can pay $ each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months

Phoebe realizes that she has charged too much on her credit card and has racked up $6,600 in debt. If she can pay $ each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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Phoebe realizes that she has charged too much on her credit card and has racked up $5,500 in debt. If she can pay $250 each month and the card charges 12 percent APR (compounded monthly), how long will it take her to pay off the debt? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Answer is complete but not entirely correct. 27.95 months Time to pay off the debt
Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If he can pay $125 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months
Phoebe realizes that she has charged too much on her credit card and has racked up $4,900 in debt. If she can pay $250 each month and the card charges 12 percent APR (compounded monthly), how long will it take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt: — months.
Jessica charges $8500 to a credit card with a 15.54% interest rate. (a) If Jessica makes a payment of $185.56 each month, how many payments will it take to retire the balance? (b) If Jessica doubles the payment to $371.12, how many payments will it take to retire the balance? (c) If Jessica pays $371.12 each month instead of $185.56, how much will she save in interest charges? (a) It will take payments to pay off the debt. (Round up to the nearest integer as needed.)
Phoebe realizes that she has charged too much on her credit card and has racked up $5,400 in debt. If she can pay $200 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt?
Emily is buying a new car for $1,700. The dealer is charging her an annual interest rate of 10.2%. If she pays off the loan in 24 months, what are her monthly payments? If she makes a down payment of $210, how much will her monthly payments be? Round to two decimal places. OA. $170.57; $74.75 B. $170.57; $10.54 C. $85.28; $74.75 O D. $145.28; $10.54
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Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9 percent. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $120? Group of answer choices 6.93 years 7.23 years 6.40 years 7.31 years 5.87 years
Brandon has reached his credit card limit of $5000.00. Using an online calculator, Brandon determined that if he pays $180.00 per month, it will take him 39 months to pay off the credit card. Which of the following represents the total interest Brandon will pay when his debt is paid off? A $1,700.40 B $2,020.00 C $1,100.00 D $858.10 Need ASAP please
Jeanette took out a loan from the bank today for X. She plans to repay this loan by making payments of $100.00 per month for a certain amount of time. If the interest rate on the loan is 0.66 percent per month, she makes her first $100.00 payment later today, and she makes her final monthly payment of $100.00 in 12 months, then what is X, the amount of the loan? A O An amount less than $1,153.00 or an anmount greater than $1,324.00 O An amount equal to or greater than $1,153.00 but less than $1,199.00 O An amount equal to or greater than $1,199.00 but less than $1,245.00 O An amount equal to or greater than $1,245.00 but less than $1,275.00 O An amount equal to or greater than $1,275.00 but less than $1,324.00
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1.Brooke’s credit card has an annual interest rate of 21% on her unpaid balance, which averages $900. (a) Find the monthly interest payment in dollars. Assume that monthly interest rates are 1/12 of the annual interest rates. (b) Brooke wants to pay off her credit card debt with payments of $100 per month until it is paidoff. Complete the shaded entries in the chart below. (When her balance is below $100, her final payment will be the balance due.) Month Intrest Payment Balance 0 $900.00 1 900 x 0.21/12=$15.75 $100.00 900+15.75-100=$815.75 2 815.75 x 0.21/12=$14.28 $100.00 815.75+14.28-100=$730.03 3 $100.00 4 $100.00 5 $100.00 6 $100.00 7 $100.00 8 $100.00 9 $100.00 10 Totals