5:1 Answer B questions OUse PMT=1-P+Eihas a balance of $4900 and an annual interest rate of 19%. With no further purchases charged to the card and thebalance being paid off over two years, the monthly payment is $247, and the total interest paid is $1028. You can geta bank loan at 11.5% with a term of three years. Complete parts (a) and (b) below.to determine the regular payment amount, rounded to the nearest dollar. Your credit card- nta. How much will you pay each month? How does this compare with the credit-card payment each month? Selectthe correct choice below and fill in the answer boxes to complete your choice.(Do not round until the final answer. Then round to the nearest dollar as needed.)This is $...The monthly payments for the bank loan are approximately $credit-card payments.aThe monthly payments for the bank loan are approximately $ 162. This is $ 85 less than the monthlycredit-card payments.b. How much total interest will you pay? How does this compare with the total credit-card interest? Select thecorrect choice below and fill in the answer have to complete your choicmore than the monthlyH77°F OUse PMT=PAto determine the regular payment amount, rounded to the nearest dollar. Your credit card- nthas a balance of $4900 and an annual interest rate of 19%. With no further purchases charged to the card and thebalance being paid off over two years, the monthly payment is $247, and the total interest paid is $1028. You can geta bank loan at 11.5% with a term of three years. Complete parts (a) and (b) below.credit-card payments.b. How much total interest will you pay? How does this compare with the total credit-card interest? Select thecorrect choice below and fill in the answer boxes to complete your choice.(Use the answer from part a to find this answer. Roundthe nearest dollar as needed.)OA. The total interest paid over 3 years for the bank loan is approximately $total credit-card interest.OB. The total interest paid over 3 years for the bank loan is approximately $total credit-card interest.aThis is $This is $less than themore than the77°F

As per the given information: Loan amount (P)- $4900Interest rate (r) - 11.5%Payment frequency (n) -…

Answered: Use PMT= to determine the regular…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
Use PMT= 1- P n to determine the regular payment amount, rounded to the nearest dollar. Your credit - nt card has a balance of $3200 and an annual interest rate of 17%. With no further purchases charged to the card and the balance being paid off over two years, the monthly payment is $158, and the total interest paid is $592. You can get a bank loan at 9.5% with a term of three years. Complete parts (a) and (b) below. ... a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) This is $ A. The monthly payments for the bank loan are approximately $ credit-card payments. B. The monthly payments for the bank loan are approximately $103. This is $ 55 less than the monthly credit-card payments. more than the monthly b. How much total interest will you pay? How does this compare…
P. Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of 1-1+ $6100 and an annual interest rate of 19%. With no further purchases charged to the card and the balance being paid off over five years. the monthly payment is $158, and the total interest paid is $3380. You can get a bank loan at 11.5% with a term of six years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each mont? Select the corect dchoice below and fil in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) OA The monthly payments for the bank loan are approximately S This is S more than the monthly credit-card payments. OB. The monthly payments for the bank loan are approximately S This is $ less than the monthly credit-card payments. b. How much total interest will you pay? How does this compare with the total…
← Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $3600 and an annual interest rate of 16% With no further 1- purchases charged to the card and the balance being paid off over three years, the monthly payment is $127, and the total interest paid is $972. You can get a bank loan at 8.5% with a term of four years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed) This is 5 A. The monthly payments for the bank loan are approximately $ OB. The monthly payments for the bank loan are approximately $ This is 5 less than the monthly credit card payments more than the monthly credit card payments
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