You have a credit card that has a balance of $11,020 at an APR of 20.49 %.You plan to pay $400 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance?

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: Monthly payment is a fixed periodic payment which is made by a borrower to the lender.

Q: You have $5,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit…

A: A credit card is a payment card that allows the cardholder to borrow funds from a financial…

Q: You have just entered college and have decided to pay for your living expenses using a credit card…

A: This question requires us to find the accumulated value of the monthly charges a the end of 46…

Q: You have $4,500 on a credit card that charges a 15% interest rate. If you want to pay off the card…

A: Installment is the amount of periodic payment a borrower has to make to its lender in order to pay…

Q: Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over 11 years to clear a credit…

Q: You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate…

A: The rate that is charged at an annual basis on the borrowing funds as well as earned annually on…

Q: Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9…

A: Compound = monthly  = 12 Present value = pv = $6200 Interest rate = r = 14.9 / 12% Payment = p =…

Q: a credit card with a balance of $9000 and an APR of 16.99% . In order to pay off the balance in 3…

A: Loans are paid equal fixed monthly installments that carry the payment for interest and payment for…

Q: the apr on the card is 12%, and you are not going to use the cardinal paid in full. assume you owe…

A: Credit debt = $1,383 Interest Rate = 12% APR Monthly Payment = 140

Q: You have credit card debt of $37,500 that has an APR (monthly compounding) of 15%. Each month you…

A: APR of old card = 15%APR of New Card = 12%Number of months in year = 12(i)Monthly Interest rate of…

Q: You have $2,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit…

A: To calculate the monthly payment needed to pay off the credit card debt of $2,000 in 3 years with a…

Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…

A: Fixed monthly payment =P× r ×(1+r)n(1+r)n-1 Where : P = Loan amount r = monthly rate of interest n =…

Q: Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 24%, compounded…

A: Principal = $1,100APR = 24%Minimum monthly payment = $24.75

Q: You have a credit card that has a balance of $10,700 at an APR of 14.49%. You plan to pay $⁢400 each…

A: The credit card refers to the debt instrument used by individuals to access funds that they repay at…

Q: You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each month you…

A: Monthly Interest rate of old card=18%/12=1.5%Interest payment of old card per month=$30000*1.5%=…

Q: You have asked Raider Bank for a $20,000 signature loan, where you will be charged 1% per month…

A: It seems there might be a mistake or some missing information in this question. Let me clarify a few…

Q: You have credit card debt of $25,000 that has an APR​ (monthly compounding) of 17%. Each month you…

A: The computation of the additional borrowing as follows:

Q: You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you…

A: Given Information: APR is 36% Credit amount is $800 Minimum payment is 10% on balance

Q: Use Excel to answer this question: You want to borrow money from your bank to purchase a car. The…

A: Amount you can borrow = Present value of the maximum monthly paymentsNOTE :here the monthly payment…

Q: Recently, you made multiple large purchases on your credit card totaling $10,350. The interest rate…

A: Formulas:

Q: Suppose that you owe $2,000 on a credit card that charges 18% APR and you pay either the minimum 10%…

A: The time to pay off the debt, the installment, beginning, and ending balances can be seen from the…

Q: from

A: The Amount must be find out. Interest Received = A (Amount) - P (Principal) Given P =$10500, A=?, R…

Q: You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: Compound = monthly = 12Present Value = pv = $4000Interest rate = r = 14 / 12 %Time = t = 4 * 12 = 48

Q: You have a balance of $9700 for your tuition on your American Express credit card. Assume that you…

A: Here,Balance of the card is $9700APR is 13%Minimum Payment is 4%

Q: Today, you purchased $5300 on a credit card that charges an APR rate of 22.9 percent, compounded…

A: Monthly payment refers to an amount to be paid every month for the repayment of a loan amount by the…

Q: You have $4,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit…

A: The question gives the following information:

Q: You owe $7200 on a credit card, your company says the minimum payment is 3% of what you owe. How…

A: The amount owed is $7200 APR of 22% The minimum payment is 3% To Find: Time period

Q: You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will…

A: Charge of credit card = 3172 Minimum monthly payment = 46.69 N = 96 payments

Q: You are planning for your future by depositing lump sum into a time deposit account, what amount…

A: Annuity is a series or level of cash flows that occur at the particular time periods.  It is the…

Q: You plan to deposit $700 in a bank account now and $900 at the end of one year. If the account earns…

A: Simple interest is a method of calculating the percentage of interest paid on a sum over a defined…

Q: Suppose that on January 1 you have a balance of $6,000 on the following credit cards, which you want…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: You plan to deposit $700 in a bank account now and $600 at the end of the year. If the account earns…

A: Solution:When some amount is invested somewhere, it earns interest on it.The amount initially…

Q: Assume that you have a balance of $5500 on your Discover credit card and that you make no more…

A: The annual percentage rate that is APR refers to the interest rate on the credit card. The interest…

Q: Suppose you run up a debt of $300 on a credit cardthat charges an annual rate of 12 percent,…

A: Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other…

Q: You have just purchased a car and taken out a $48,000 loan. The loan has a five-year term with…

A: In Installment payment system, loan in not paid collectively with interest due but interest and…

Q: You currently have two loans outstanding: a car loan and a student loan. The  car loan requires that…

A: In this question equal payment is paid monthly in future. So we have to find present value of loan.

Q: Your credit card has a balance of 5400 and an annual interest rate of 12%. You decide to pay the…

A: