Joey realizes that he has charged too much on his credit card and has racked up $5,800 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
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QUESTION 18
Joey realizes that he has charged too much on his credit card and has racked up $5,800 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
TIME TO PAY OF DEBT IN MONTHS?
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- 146 Dr. Dennis Natali plans to take advantage of a 0% interest balance transfer credit card offer to pay off a $7,250 loan he has. If his loan is at 7.5% interest for 12 months, what is his payment? How much will he save in interest? (Use Table 14.2) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Payment Savings in interestNumber of Annuity Payments Phoebe realizes that she has charged too much on her credit card and has racked up $10,000 in debt. If she can pay $300 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt? Group of answer choices 1. 33.33 months 2. 27.23 months 3. 46.56 months 4. 69.70 monthsStan only has 14 years until he retires. He is going to deposit money into an account with 3.4% interest, compounded monthly. Question Question For each question round your final answer to the nearest cent. Assume the interest rate stays the same while the account is open. Also, assume Stan does not have any other money in this account. Question 3 Question 4 Question 5 How much will be in the account if he deposits the same $50.00 each month? Question 6 Question 7 Question 8 Question 9 How much will be in the account if he deposits $100.00 each month? Question 10 Question 11 Question 12 How much will be in the account if he deposits $150.00 each month? Summary How does doubling or tripling his payment impact his ending account balance? O It earns much more than double or triple the ending account balance. O It earns somewhat less than double or triple the ending account balance. O It doubles or triples the ending account balance, respectively. P Type here to search DIL Home 19 PrtScn…
- Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9 percent. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $120? Group of answer choices 6.93 years 7.23 years 6.40 years 7.31 years 5.87 yearsYou decide to quit using your credit card and want to pay off the balance of $11,800 in 5 years. Your interest rate is 16.05% compounded monthly. What will your monthly payments be? tA How much interest do you pay? LAScenario D: Six months later your credit card is carrying a balance of $500. You decide that you want a new TV from Target for $350 and also charge that to your credit card. Since you continuously carried a balance, your credit card company upped your APR from 19.5% to 21%. Assume you do not charge anything extra to your card. 16. What is your starting balance? 17. What is the minimunm payment you must make?
- Question 1. Suppose that you invest P dollars at the beginning of every week. However, your crazy banker decides to compound interest at a rate r at the end of Week 5, Week 9, Week 12, Week 14, and Week 15. What is the value of the account at the end of Week 15? At the end of the Week 15, you need to spend $15, 000 on a bandersnatch. How much money must you invest weekly to ensure you have exactly $15, 000 after Week 15 if the weekly interest rate is 10%?You decide to quit using your credit card and want to pay off the balance of $9,500 in 4 years. Your interest rate is 14.75% compounded monthly. What will your monthly payments be? How much interest do you pay?7:23 ( Notes You want to buy a $50,000 car. You can finance the car for 0.9% interest for years. You decide to pay $1000 per month toward the loan, paying slightly over your payment amount. How many months will it take to pay off your loan?
- 4. You want able to withdraw 15,000 each month for 15 years. your account earns 3 1/4% interest. a. how much do you need in your account at the beginning? b. how much total money will you pull out of the account? c. How much of that money is interest?If Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 6%/year compounded monthly, how much will he have on deposit in his savings account at the end of 5 yr, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.) $ Need Help? Master IteBook Simon recently received a credit card with a 17% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $300.00. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. month(s) b. If Simon makes monthly payments of $60, how many months will it be before he pays off the debt? Do not round intermediate calculations. Round your answer to the nearest whole number. month(s) c. How much more in total payments will Simon make under the $20-a-month plan than under the $60-a-month plan. Do not round intermediate calculations. Round your answer to the nearest cent. $