sume that you have a balance of $4200 on your Discover credit card and that you make no more charges. Assume that Discover charges 25% APR and that each month you make only the minimum payment of 2.2% of the balance. What will the balance be after
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Assume that you have a balance of $4900 on your Discover credit card and you make no more charges. Assume that Discover charges 23% APR and that each month you make only the minimum payment of 2.1% of the balance. What will the balance be after 10 years?Assume you have a balance of $3200 on your credit card that you want to pay off. Calculate your monthly payment and total payment under the given conditions. Assume you make no additional charges to the card. The credit card APR is 18% and you want to pay off the balance in 3 years.
- Assume that you have a balance of $4600 on your Discover credit card and that you make no more charges. Assume that Discover charges 26% APR and that each month you make only the minimum payment of 2.3% of the balance. What will the balance be after 10 years? Enter your answer rounded to the nearest cent. balance after 10 years: $Suppose your credit card has a balance of $6,200 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, (a) How much must you pay each month? (b) How much total interest will you pay? Now suppose decide to pay off the balance over one year rather than three. (c) How much more must you pay each month? (d) How much less will you pay in total interest? P n Use PMT = - nt 1 - 1+ n to determine the payment amount. Round to the nearest dollar. ..... А. (а) $224 (b) $616 (c) $344 more per month; (d) $1,248 less in total interest В. (а) $224 (b) $1,864 (c) $344 more per month; (d) $1,248 less in total interest С. (а) $215 (b) $1,540 (c) $345 more per month (d) $1,020 less in total interest D. (a) $215 (b) $520 (c) $345 more per month (d) $1,020 less in total interestYour credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, you must pay $142.13 each month, and you will pay a total interest of $1016.68. Assume you decide to pay off the balance over one year rather than three. How much more must you pay each month and how much less will you pay in total interest? Use PMT= P -nt 1- (1 +-7) - ² to determine the regular payment amount. You will pay $ more each month. (Round to the nearest cent as needed.)
- You have a balance of $5,000 on your credit card. The interest rate is 15% per year. You want to make equal monthly payment for the next 4 years to completely pay off the balance. Assume no other purchases or payments other than your calculated plan. What must be the amount of your monthly payment? Round to the nearest $ and use the $ symbol.You have a balance of $9700 for your tuition on your American Express credit card. Assume that you take no more charges on the card. Also assume that American Express charges 13% APR and that each month you make only the minimum payment of 4% of the balance. What will the balance be after 32 months? At what balance do you begin making payments of $60.00 or less? How long will it take to get the balance below $50?(Page 8.8.9) Your credit card has a balance of $5200 and an annual interest rate of 16%.You decide to pay off the balance over three years. If there are no further purchases charged to the card, you must pay $182.85 each month, and you will pay a total interest of $1382.60. Assume you decide to pay off the balance over one year rather than three. How much more must you pay each month and how much less will you pay in total interest? Use PMT=P(R/N)/1-(1+R/N)^-NT to determine the regular payment amount. You will pay $_______ more each month. (Round to the nearest cent as needed.)
- Suppose you plan to start a saving account. You plan to deposit $98 each month in to a money market account that guarantees a 6% interest rate compounded monthly as long as you do not to remove any money from the account. How long will it take the account to accumulate to $2000? Round time to one decimal place and just give the number not the unitsYou plan to deposit $700 in a bank account now and $900 at the end of one year. If the account earns 2% interest per year, what will the balance be in the account right after you make the second deposit? There will be $ in the account right after the second deposit. (Type an integer or a decimal.)2.) You have a credit card with an APR of 36%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $8500. You stop charging and make only the minimum monthly payment. What is the balance on the card after eight years? (Round your answer to the nearest cent.)