You have a balance of $1000 on your Visa credit card. Assume that you make no more charges on the card and that the card charges 9.9% APR (Annual Percentage Rate) and requires a minimum payment of 3% of the balance. Also, assume that you make only the minimum payments. The balance after 24 monthly payments is $[answer]. (Round your answer to two decimal places.) Use this Formula: Balance after t minimum payment = Initial Balance [(1+-(1-m)], where m = minimum payment of x% using decimal.
You have a balance of $1000 on your Visa credit card. Assume that you make no more charges on the card and that the card charges 9.9% APR (Annual Percentage Rate) and requires a minimum payment of 3% of the balance. Also, assume that you make only the minimum payments. The balance after 24 monthly payments is $[answer]. (Round your answer to two decimal places.) Use this Formula: Balance after t minimum payment = Initial Balance [(1+-(1-m)], where m = minimum payment of x% using decimal.
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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whats the answer to number 3
![QUESTION 3
You have a balance of $1000 on your Visa credit card. Assume that you make no more charges on the card and that the card
charges 9.9% APR (Annual Percentage Rate) and requires a minimum payment of 3% of the balance. Also, assume that you make
only the minimum payments.
The balance after 24 monthly payments is $[answer]. (Round your answer to two decimal places.)
Use this Formula: Ba lance after t minimum payment = Initial Balance [(1+
in
where m = minimum payment of x% using decimal.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2285b650-38c3-4f06-bf2e-69aa4259f403%2F06f354ad-3549-4284-843d-4be6e3f6b9ae%2Fmfm2f4t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 3
You have a balance of $1000 on your Visa credit card. Assume that you make no more charges on the card and that the card
charges 9.9% APR (Annual Percentage Rate) and requires a minimum payment of 3% of the balance. Also, assume that you make
only the minimum payments.
The balance after 24 monthly payments is $[answer]. (Round your answer to two decimal places.)
Use this Formula: Ba lance after t minimum payment = Initial Balance [(1+
in
where m = minimum payment of x% using decimal.
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