You have a balance of $12,000 for your tuition on your American Express credit card. Assume that you make no more charges on the card. Also assume that All that each month you make only the minimum payment of 5% of the balance. What percentage of the previous balance is paid off each month? Round the percentage to two decimal places. (Hint: Construct a formula for the balance after t minimum payments and simplify the decay factor in order to answer this question.) 3.34 X% Submit Answer

For each case, provide the missing information. Assume payments occur at the end of each period. (Use the present value and future value tables, the formula method, financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places X.XXXXX. Round all final answers to the nearest cent, $X.XX, and round the loan maturity date to the nearest whole year.) (Click the icon to view the cases.) Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Cases Amount borrowed Interest rate Number of periodic payments per year Maturity (in years) Periodic payment (1) (a) 4% 4 10 $ 10,354.90 (2) $ 675,000 $ 4% 2 10 (b) S CO (3) 456,000 6 % 1 (c) 81.685.59 (4) $ 750.000 12 % T (d) I X

If you earn 5% per year on your bank account, how long will it take an account with $110 to double to $220? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until your account has grown to $6,600? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Number of months

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.)

You just bought a new TV for $2,559.72 on your credit card; assume no other purchases The APR is 18% and monthly payments.   What is your monthly payment if you seek to pay off the balance at the end of 5 years from now?  Round to the nearest whole number and use the $ symbol  ($98 would be the form of a correct answer)

You owe $2,500 in 5 months and $4,750 in 15 months. Your creditor has agreed to let you make one interest rate and a Focal Point Now. What single cash payment will make? single cash payment NOW using a 4% simple Round Each calculation to the nearest penny (even if zero), USE dollar signs, USE commas if and where needed I

Solve the problem below. 2. Suppose that your bank has a minimum loan charge of $48 when you borrow at 6% ordinary interest for 90 days. What principal borrowed will result in a $48 interest charge?

Beginning three months from now, you want to be able to withdraw $2,700 each quarter from your bank account to cover college expenses over the next three years. If the account pays .49 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next three years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) present value=?

Today, you borrowed $5,400 on a credit card that charges an interest rate of 13.2 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $110? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)