You have $4,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

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: 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.…

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Q: Review Problem 9 # 16 (LO1) For the five-year period ended October 31, 2022, a North American…

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Q: Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you…

A: Monthly payment refers to an amount that is paid every month for the repayment of loan amount…

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 $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: Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your cre has a…

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Q: what will its payout ratio be?

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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: If your Visa credit card has an APR of 14.49%, compounded monthly and your current balance is…

A: APR is 14.49% Compounded monthly Current Balance is $425.69 Time period 1 year Minimum monthly…

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

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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: 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: 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 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: 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: You decide that you can spend 600 as a monthly payment for a new car. Your bank offers car loans at…

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

A: Formulas:

Q: Use PMT = n to determine the regular payment amount, rounded to the nearest dollar. Your credit card…

A: Present value of any deposit is the discounted value of each intermediary and terminal value.

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

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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: 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: If you pay the minimum payment per month of $49.25 on your credit card, you will pay it off after…

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Q: (b) With a constant monthly payment of $40 per month, how many years would it take to pay off the…

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Q: You just bought a new TV for $2,559.72 on your credit card; assume no other purchases The APR is 18%…

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Q: How much sooner will the loan be paid off?

A: Loan taken = $15000Monthly payments = $500total number of payments = 12*3=36Total Value of the…

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: your credit card has a balance of $4,500 and an annual interest rate of 16%. you decide to pay off…

A: The monthly deposit is calculated by dividing the loan balance with the PVIFA at 1.33% and 36…

Q: You have an outstanding credit card balance of $3,000. You decide to stop making new charges and pay…

A: The entire amount of charges and transactions that a person has made on their credit card but hasn't…

Q: If you owe $5,000 on a credit card that charges 18.99% apr and you decide to put no more charges on…

A: Loans are paid by monthly payment that carry the payment of interest and payment of principal amount…

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: Here. Required Amount in 8 Years  (FV) is$60,000 Interest Rate (r) is 9% Time Period is 8 years