13) The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] 5-Year 4-Year Loan 30-Year 15-Year Credit Cards Car Car Туре Mortgage Mortgage Loan Loan October Rate (%) 3.93 3.14 4.30 4.24 13.10 November Rate (%) 4.09 3.31 4.31 4.26 13.10 December 4.09 3.34 4.34 4.29 13.10 Rate (%) You currently owe $9000 on your credit card, which charges interest at the October 2015 rate. What is the least you need to pay per month to pay off the card in 5 years? (Round your answer to the nearest cent.) %24
13) The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] 5-Year 4-Year Loan 30-Year 15-Year Credit Cards Car Car Туре Mortgage Mortgage Loan Loan October Rate (%) 3.93 3.14 4.30 4.24 13.10 November Rate (%) 4.09 3.31 4.31 4.26 13.10 December 4.09 3.34 4.34 4.29 13.10 Rate (%) You currently owe $9000 on your credit card, which charges interest at the October 2015 rate. What is the least you need to pay per month to pay off the card in 5 years? (Round your answer to the nearest cent.) %24
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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13)
The following table shows annual rates for various types of loans in 2015. Assume monthly
payments and compounding periods. HINT [See Examples 5 and 7.]
5-Year
4-Year
Car
Loan
30-Year
15-Year
Credit
Car
Турe
Mortgage
Mortgage
Cards
Loan
Loan
October
3.93
3.14
4.30
4.24
13.10
Rate (%)
November
4.09
3.31
4.31
4.26
13.10
Rate (%)
December
4.09
3.34
4.34
4.29
13.10
Rate (%)
You currently owe $9000 on your credit card, which charges interest at the October 2015
rate. What is the least you need to pay per month to pay off the card in 5 years? (Round
your answer to the nearest cent.)
2$
O Focus
e to search
93](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F567b405c-a8ec-4133-a9f4-1b3e3fcbb4f8%2F6e5d266b-bb16-40a8-9246-234e98c7d5ae%2Fwccriek_processed.jpeg&w=3840&q=75)
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13)
The following table shows annual rates for various types of loans in 2015. Assume monthly
payments and compounding periods. HINT [See Examples 5 and 7.]
5-Year
4-Year
Car
Loan
30-Year
15-Year
Credit
Car
Турe
Mortgage
Mortgage
Cards
Loan
Loan
October
3.93
3.14
4.30
4.24
13.10
Rate (%)
November
4.09
3.31
4.31
4.26
13.10
Rate (%)
December
4.09
3.34
4.34
4.29
13.10
Rate (%)
You currently owe $9000 on your credit card, which charges interest at the October 2015
rate. What is the least you need to pay per month to pay off the card in 5 years? (Round
your answer to the nearest cent.)
2$
O Focus
e to search
93
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