The annual interest rate on a credit card is 12.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of $2,591.44? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)
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- The annual interest rate on a credit card is 16.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of $2,488.09? Assume that no new purchases are made with the credit card months to pay off the unpaid balance It will take (Do not round until the final answer. Then round up to the nearest integer as needed.)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) .The annual interest rate on a credit card is 13.99%. If a payment of $200 00 is made each month, how many months will it tako to pay off an unpaid balance of $2.372 147 Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance (Do not round until the final answer. Then round up to the nearest integer as needed) CHILE
- Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5800 and an annual interest - nt rate of 12%. You decide to pay off the balance over two 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? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 2 years is approximately $. (Round to the nearest dollar as needed.)The annual interest rate on a credit card is 14.99 %. If a payment of $200 .00 is made each month, how many months will it take to pay off an unpaid balance of $2,513.11 ? Assume that no new purchases are made with the credit cardYour 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.)
- Assume that you have a balance of $4500 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance. a) Find a formula for the balance after t monthly payments. b) What will the balance be after 30 months? c) What will the balance be after 10 years?Suppose your Visa credit card charges an APR of 13.5%, compounded monthly and your current statement shows a balance of $758.50.a) If you make no payments and no additional purchases for one year, what will bethe amount owed at the end of that year?b) How much total interest will be paid?c) What is the nominal rate?d) What is the effective annual rate (EAR)?e) Suppose this credit card company requires a minimum monthly payment of $25.Assuming that no additional purchases are made and also assuming that this minimum amount is paid every month, prepare an amortization schedule for the first three months of payments.Use PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% 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? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)
- Assume 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 10 years? (Enter your answer rounded to the nearest cent.)Suppose that you owe $2,000 on a credit card that charges 18% APR and you pay either the minimum 10% or $20, whichever is higher, every month. How long will it take you to eliminate the debt? Assume that the bank uses the previous-balance method to calculate your interest, meaning that the bank does not subtract the amount of your payment from the beginning balance but charges you interest on the previous balance.Suppose that on January 1 you have a balance of $6,000 on the following credit cards, which you want to pay off in the given amount of time. Assume that you make no additional charges to the card after January 1. The credit card APR is 24%, and you want to pay off the balance in 1 year. Round to the nearest cent The credit card APR is 25%, and you want to pay off the balance in 2 years. $ Round to the nearest cent The credit card APR is 26%, and you want to pay off the balance in 3 years. Round to the nearest cent