Problem 4-19 Calculating Number of Periods 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 1.85 percent per month interest on the overdue balance. If the current balance is $17,500, 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 months

Problem 4-19 Calculating Number of Periods 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 1.85 percent per month interest on the overdue balance. If the current balance is $17,500, 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 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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K Suppose that on January 1 you have a balance of $2800 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1, a Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed)
K Suppose that on January 1 you have a balance of $2500 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
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 1.8 percent per month interest on the overdue balance. If the current balance is $18,000, how long will it take for the account to be paid off? 2 3 4 Input area: LO 5 6 Monthly payment 7 Rate per month 8 Current balance 9 10 (Use cells A6 to B8 from the given information to complete this question.) 11 12 Output area: 13 14 Months until paid off 15 $500 1.80% $18,000
1. Suppose that on January 1 you have a balance of $5600 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is? Then round to the nearest cent as needed.) 2. Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $160,000 loan. Option 1: a 30-year loan at an APR of 8%. Option 2: a 15-year loan at an APR of 7.5%. Question content area bottom Part 1 Find the monthly payment for each option. The monthly payment for option 1 is $enter your response here. The monthly payment for option 2 is $enter your response here. (Do not round…
One of your customers is delinquent on his accounts payable balance. You've mutuallyagreed to a repayment schedule of $660 per month. You will charge 1.06 percent permonth interest on the overdue balance.If the current balance is $14,880, how long will it take for the account to be paid off? (Donot round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
Exercise (1.77) You deposit an amount X into an account at time 0 and 2X into the same account at time 3. The account balance at time 5 is 5,000. If the account has earned a 4% annual effective rate, what is the value of X? Answer: 1,479.35
Suppose that on January 1 you have a balance of $3100 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1 a. Calculate your monthly payments.b. When the card is paid off, how much will you have paid since January 1?c. What percentage of your total payment from part (b) is interest?
Suppose that on January 1 you have a balance of $5300 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? . a. The monthly payment is (Do not round until the final answer. Then round to the nearest cent as needed.)
One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $580 per month. You will charge .98 percent per month interest on the overdue balance. If the current balance is $14,800, how long will it take for the account to be paid off? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Number of months
Re 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 1.7 percent per month interest on the overdue balance. If the current balance is $16,000, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Months for account to be paid off months
Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? ... a. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $. (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
1. You have saved $1000 and have decided to deposit it into an account paying 3% APR compounded monthly. Since you have done so well with saving, you are also able to deposit $100 into the account at the end of each month. Fill in the following table. (Don't use the regular deposits balance formula.) (Round your answers to 2 decimal places.) At end of month number Interest paid on prior balance Deposit Balance 1000 3.

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