You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

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 can afford a $450 per month car payment. You've found a 3 year loan at 7% interest. How big of a…

A: Computation of the maximum loan borrower can afford is shown as follows: Hence, the maximum loan…

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: 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: You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: You purchase a new laptop for $1200 and put it on your credit card, which charges 14.99% interest.…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: Imagine you want to earn $1000 in total after 3 years. The Bank A says that account earns 5%…

A: In simple interest, the rate of interest is applied on the principal amount only whereas in compound…

Q: If you want to have $60.000 in 8 years, how much do you need to deposit in the bank today if the…

A: Deposit required today = FV/(1+r)n Where FV - Future value = $60,000 r - Interest rate = 9% n -…

Q: You just invested $5,000 in a 48-month certificate of deposit (CD) at your local bank. The CD pays…

A: In this question we need to compute the worth of CD when it matures i.e. we need to compute its…

Q: Your credit card carries a 23.99%interest rate. You want to pay off your balance of $8700 with equal…

A: When someone needs money to make a purchase, to cover an unexpected expense, such as a medical…

Q: You have $4,500 on a credit card that charges a 16% interest rate. If you want to pay off the credit…

A: Monthly Payment: Monthly payments let a borrower pay down part of the remaining sum, which is…

Q: You have $3,500 on a credit card that charges a 21% 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: Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your cre has a…

A: Loans are paid by monthly payments and these monthly payments carry the payment for interest and…

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: You have two monthly car payments of $400 each left on your car. If the interest rate is 0.75…

A: Monthly Payment (PMT) = $400Monthly interest rate (r) = 0.75% or 0.0075Number of periods (n) = 2…

Q: You have $2,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit…

A: Step 1: Step 2: Step 3: Step 4:

Q: Jon plans to start a saving account. His plan is to deposit $59 each month into a money market…

A: The number of months it will take to accumulate $1000 can be calculated with the help of NPER…

Q: You want to buy a new car. You can afford payments of $250 per month and can borrow the money at an…

A: The term mortgage refers to a type of loan that is for the long term, and it usually has the asset…

Q: You borrow $18826 to buy a car. You will have to repay this loan by making equal monthly payments…

A: Borrowed amount is $18826 Time period is 5 years APR is 12% To Find: Monthly payment

Q: ut an $8,000 car loan that calls for 7 annual payments of $2,400 each.  What is the interest rate?

A: Annual payments are made for payment of loan which carry the interest and payment of principal…

Q: You have $300 and a bank is offering 5.5% interest on deposits. If you deposit the money in the…

A: FV = PV * (1 + r)^nWhere FV = Future ValuePV = Present Value = $300r = rate of interest = 5.5%n =…

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 credit card debt of $30,000 that has an APR (monthly compounding) of 15%. Each month you…

A: In the realm of personal finance, credit cards play a significant role in managing expenditures and…

Q: ou want to buy a new car. You can afford payments of $400 per month and can borrow the money at an…

A: Using excel PV function

Q: compounded 12 times a year. If the card holder wants to pay off will the card holder need to pay?…

A: Credit card balances are paid by the monthly payments and these monthly payments carry the payment…

Q: a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up…

A: Credit card provides a maximum limit of credit that the person can withdraw from the bank and pay…

Q: Your credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off…

A: Balance amount=$4100 Interest rate=15% Time period=3 years 3 years monthly payment=$142.13 3 years…

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

A: Formulas:

Q: ou have monthly interest rate of 1.65% and a balance on your credit card of 2000.00. If you paid the…

A: To determine the interest amount and percentage that goes towards reducing principle.  The amount of…

Q: If you have ATM fees each month of $8 for 4 years, what is the total cost of those banking fees?

A: A cost system is a system that is designed to evaluate the cost incurred by the company.

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 been given eight months to pay off your gambling debt. You need $2,200 in eight months. How…

A: Interest is an additional amount which is paid or received on borrowed or lending amount for the…

Q: Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a…

A: Credit cards refer to debt instruments that are provided by financial institutions to individuals…

Q: If a person has ATM fees each month of $22 for 8 years, what would be the total cost of those…

A: Monthly fees: $22Number of years: 8

Q: You want to buy a car. The loan amount will be $28,000.00. A bank is offering a 5% interest rate for…

A: Present Value Method :— It is method for calculating present Value of All periodical future cash…

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…