Can you please give me correct answer this general accounting question? Assume that the balance due on your creditcard is $8,000 at a 22% annual interest rate.Nothing else will be purchased on the cardwhile the debt is being paid off. Yourpayment per month if you plan to pay downyour debt over three years will be between$500 and $550. True or false?

To determine whether the statement is true or false, let's calculate the monthly payment required to…

Answered: Assume that the balance due on your…

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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Today, you borrowed $3,200 on a credit card that charges an interest rate of 12.9 percent, compounded monthly. 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 $60? Please solve using financial calculator
Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? ... a. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $. (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
How many years will it take for you to be debt free ??? General accounting
Today, you purchased $5300 on a credit card that charges an APR rate of 22.9 percent, compounded monthly. 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 $100?
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Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual interest rate of 19%. With no further purchases charged to the card and the balance being paid off over five years, the monthly payment is $125, and the total interest paid is $2700. You can get a bank loan at 11.5% with a term of six years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) This is $ O A. The monthly payments for the bank loan are approximately $ monthly credit-card payments. O B. The monthly payments for the bank loan are approximately $ monthly credit-card payments. This is $ more than the less than the
Suppose that on January 1 you have a balance of $3800 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is $ ☐. (Do not round until the final answer. Then round to the nearest cent as needed.)
Use PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)
Suppose that on January 1 you have a balance of $5300 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? . a. The monthly payment is (Do not round until the final answer. Then round to the nearest cent as needed.)
How many years will it take for you to be debt free ???
Your credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, you must pay $142.13 each month, and you will pay a total interest of $1016.68. Assume you decide to pay off the balance over one year rather than three. How much more must you pay each month and how much less will you pay in total interest? Use PMT= P -nt 1- (1 +-7) - ² to determine the regular payment amount. You will pay $ more each month. (Round to the nearest cent as needed.)
Today, you borrowed $5,400 on a credit card that charges an interest rate of 14.2 percent, compounded monthly. 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 $110?

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Assume that the balance due on your credit card is $8,000 at a 22% annual interest rate. Nothing else will be purchased on the card while the debt is being paid off. Your payment per month if you plan to pay down your debt over three years will be between $500 and $550. True or false?