Tammy realizes that she has charged too much on her credit card and has racked up $15,000 in debt. If Tammy can pay $350 each month and the cardcharges 23 percent APR (compounded monthly), how long will it take her to pay off the debt?, how much interest will Tammy pay if she chooses to continue in making monthly payments of $350?

APR :- The cost of taking loans annually, including fees, is stated as a percentage and is known as…

Answered: Tammy realizes that she has charged too…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Phoebe realizes that she has charged too much on her credit card and has racked up $5,400 in debt. If she can pay $200 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt?
Phoebe realizes that she has charged too much on her credit card and has racked up $6,400 in debt. If she can pay $225 each month and the card charges 15 percent APR (compounded monthly), how long will it take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Jessica charges $8500 to a credit card with a 15.54% interest rate. (a) If Jessica makes a payment of $185.56 each month, how many payments will it take to retire the balance? (b) If Jessica doubles the payment to $371.12, how many payments will it take to retire the balance? (c) If Jessica pays $371.12 each month instead of $185.56, how much will she save in interest charges? (a) It will take payments to pay off the debt. (Round up to the nearest integer as needed.)
Due to poor spending habits, Ricky has accumulated $10,000 in credit card debt. He has missed several payments and now the annual interest rate on the card is 18.95 percent! If he pays $175 per month on the card, how long will it take Ricky to pay off the card?
Phoebe realizes that she has charged too much on her credit card and has racked up $4,900 in debt. If she can pay $250 each month and the card charges 12 percent APR (compounded monthly), how long will it take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt: — months.
Anna does not use her credit card for anything else and she pays off the $100 cash advance plus in six months by making payments of $19.83. Her credit card company charges 18% APR. Create an amortization schedule for her six payments. How much will Anna end up paying in interest and fees for her $100 cash in advance?
Alien Jackson has $2,000 on her credit card which charges a 23% interest rate. If she wants to pay off the credit card in 4 years, how much will she need to pay each month (assuming she don't charge anything new to the card)?
Lashonda wants to buy a new house but needs money for the down payment. Her parents agree to lend her money at an annual rate of 2%, and charged a simple interest. They lend her $6000 for 3 years. She makes no payments except the one at the end of that time. a) how much total interest will lashonda have to pay? b) what will the total repayment amount be (including interest)?
Ms. Boatright wants to withdraw $2000 from an account at the end of year 1, $4000 at the end of year 2, $5000 at the end of year 3, and $4,000 at the end of year 4. If she earns an interest rate of 8%, how much money will she need to deposit today to fully fund these withdrawals? How much money will be in her account after she makes the second withdrawal?
for just one year of spending $100 on dinner every other saturday how much would debbie pay in interest for her credit card balance of $2400 if she pays the minimum payment $48 per month? how long will it take debbie to pay off this amount.
Phoebe realizes that she has charged too much on her credit card and has racked up $5,500 in debt. If she can pay $250 each month and the card charges 12 percent APR (compounded monthly), how long will it take her to pay off the debt? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Answer is complete but not entirely correct. 27.95 months Time to pay off the debt
Megan takes out a car loan for $13,000. She intends to make monthly payments for 5 years to pay off her loan. If the bank charges her an annual interest rate of 4.2% computed monthly on the loan balance, how much will her monthly payments be?

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