If you owe $1,000 on a credit card with 12% interest (monthly compounding) and make payments of $50/month, how many months will it take you to pay it off? O 224 months O 20.0 months O 23.6 months O 24.6 months
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Imagine you have a credit card balance of $1,000 that you would like to pay off within one year. The annual interest rate on that credit card is 16%, but interest compounds monthly, and you are required to make a payment each month. What amount would you have to pay monthly to pay off this balance within one year? Question options: a $90.71 b $80.66 c $83.33 d $99.12If you deposit $1,000 in an account that earns an APR of 5% compounded once per year a) How long will it take for an initial deposit to triple b) How much will you have after 20 months? Please answer fast I give you upvote
- How much would you need to deposit in an account each month in order to have $40,000 in the account in 5 years? Assume the account earns 6% interest. Submit QuestionHow much would you need to deposit in an account each month in order to have $30,000 in the account in 7 years? Assume the account earns 2% interest.How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13 months? Assume the account earns 4.04% simple interest.
- You have $4,000 on a credit card that charges a 18% 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)? 24 each monthYou just charged $10,500 on your credit card for a vacation. The credit card charges an annual rate of 22.5%. You will be making $200 payment every month for 6 years with the first payment made next month and the last at the end of the sixth year. What will be the remaining balance in your credit card account at the end of the sixth year? $69,968 $12,813 $16,013 $10,032 $3,991,673How much would you need to deposit in an account each month in order to have $10,000 in the account in 8 years? Assume the account earns 4.3% interest.Round your answer to the nearest cent as needed.
- One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments of $550 per month and will charge a monthly interest rate of 1.38 percent. How many months will it take for the account to be paid off? Multiple Choice 48.00 months 85.32 months 79.23 months 73.95 months 37.08 months2. If your credit card charge 20% compound monthly, a. If your current balance is $3000, how much interest you need pay for your next payment? b. If your current balance is $3000 and you skip 3 months payment, what is your balance 3 months later? c. If your current balance is $3000 and you pay $1000 each month in the following 3 months, calculate the interest and principle portion for each of your payment. 15 year 5% APR loan forYou want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal interest rate that the bank charges is 7.2%. If you intend to make equal end-of-month payments and then make an additional final payment of $1,000 at the end of the last month then what will be your approximate monthly installment? $160.31 $175.45 $154.31 $170.43