A landscape architect accrued $7,855.39 in credit card debt. If the architect makes a monthly payment of $500 (and makes no additional charges on the account), how many months will it take to repay the debt if the annual interest rate on the credit card is 18.2% ? (Round your answer up to the nearest month.)
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- A landscape architect accrued $7,883.57 in credit card debt. If the architect makes a monthly payment of $400 (and makes no additional charges on the account), how many months will it take to repay the debt if the annual interest rate on the credit card is 19.6%? (Round your answer up to the nearest month.)A landscape architect accrued $7,876.36 in credit card debt. If the architect makes a monthly payment of $600 (and makes no additional charges on the account), how many months will it take to repay the debt If the annual Interest rate on the credit card is 18.8%? (Round your answer up to the nearest month.) monthsYou have a credit card that has a balance of $3430 at an APR of 17.49 %. You plan to pay $200 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance? Formulas
- You have borrowed $10,000 from a bank at the interest rate of 1% per month. Yourmonthly payment is $554.15. Find the time required to repay the loan.You have a credit card that has a balance of $8930 at an APR of 16.49%. 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?Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
- Suppose you borrow $21,000 from your bank to buy a car. You agree to pay $433.89 per month for 60 months. What is the interest rate (APR) for the loan?You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 1/4 6 $20,000If you buy a computer directly from the manufacturer for $2,546 and agree to repay it in 48 equal installments at 1.64% interest per month on the unpaid balance,how much are your monthly payments? How much total interest will be paid?
- Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $).You have a credit card that has a balance of $10,700 at an APR of 14.49%. 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? Use the units in your answer!Create an amortization table for a $60,000 loan. We will assume payments are made monthly over 6 years at an interest rate of 4%. a.) First use a formula cell in your spreadsheet to calculate the monthly payment amount. b.) Create an amortization table for the 72 months. Your columns of your amortization table should include payment number, payment amount, interest paid each month, principle paid that month, amount paid on principal total, and the amount of principal remaining.