Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00 $2,865.00 $932.00 $1,269.00 APR (interest rate) 15% 21% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 4% of balance 3% of balance (must be at least $15) Minimum Payment this month $82.68 $114.60 $37.28 $38.07 Months required to payoff Amount of Interest Paid (if only minimum payments are made)
Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00 $2,865.00 $932.00 $1,269.00 APR (interest rate) 15% 21% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 4% of balance 3% of balance (must be at least $15) Minimum Payment this month $82.68 $114.60 $37.28 $38.07 Months required to payoff Amount of Interest Paid (if only minimum payments are made)
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
Related questions
Question
What is the current total of all of Quentin's minimum monthly payments?
Transcribed Image Text:Beginning Balances for Quentin's Four Credit Cards
Card A
Card B
Card C
Card D
Balance
$4,134.00
$2,865.00
$932.00
$1,269.00
APR (interest rate)
15%
21%
11%
13%
Minimum Payment calculation 2% of balance 4% of balance 4% of balance 3% of balance
(must be at least $15)
Minimum Payment this month
$82.68
$114.60
$37.28
$38.07
Months required to payoff
Amount of Interest Paid
(if only minimum payments are made)
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