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

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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?
Jeanette took out a loan from the bank today for X. She plans to repay this loan by making payments of $100.00 per month for a certain amount of time. If the interest rate on the loan is 0.66 percent per month, she makes her first $100.00 payment later today, and she makes her final monthly payment of $100.00 in 12 months, then what is X, the amount of the loan? A O An amount less than $1,153.00 or an anmount greater than $1,324.00 O An amount equal to or greater than $1,153.00 but less than $1,199.00 O An amount equal to or greater than $1,199.00 but less than $1,245.00 O An amount equal to or greater than $1,245.00 but less than $1,275.00 O An amount equal to or greater than $1,275.00 but less than $1,324.00
Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If he can pay $125 each month and the card charges 18 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 off the debt months
Yuli plans to purchase a vehicle, and she is working with two bank offers. . Bank One Loan Offer: $73,800, 6% annual interest, 60 months. . Bank Two Loan Offer: $73,800, 3% annual interest, 84 months. Yuli's ultimate financial goal is to select the loan with the lowest monthly payment regardless of duration. Based on her financial goal, which loan will Yuli choose? O A. Bank One: Loan Offer O B. Bank Two: Loan Offer OC. Both monthly payments are the same. O D. Not enough information given to answer the question.
8) Bozo the clown decides to start saving money. So, every month he deposits $200 into an account which pays4% monthly. If Bozo’s first deposit is on May 1, 2021, then how much is in the account immediately after hisdeposit on November 1, 2027? 9) You deposit $200 each month for five years. How much will be in the account after the five years if theinterest rate is 4% monthly? 10) An Elk, age 3, is given $400,000. (If a mouse can buy refrigerator, then an Elk can have $400,000.) Theamount is invested at 5% annually. If the Elk (His name is Ernie. You met Ernie in problem 6.) takes the moneyin five equal annual payments with the first in eight years (when Ernie is 11), then what is the size of eachpayment? 11) Max the mouse decides that he needs a new place to put his giant cheese refrigerator. So, Max purchases a lotfor $300,000. Max agrees to pay $25,000 dollars at the end of each year. If the interest rate is 4% compoundedannually, how many full payments must be made, and what…
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Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan payments. 22. What should be the length of her loan? Round to the nearest tenth of a year.a. 5.5 yearsb. 5.6 yearsc. 5.7 yearsd. 5.8 years 23. How would an increase of $20 to her monthly payment affect the length of her loan?a. 0.9 years moreb. 0.9 years lessc. 0.8 years lessd. 0.8 years more
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Britt owes $1,984.92 on a personal loan. The interest rate is 15.4%. How long will it take to pay off this loan if she pays $25 a month? If she pays $50 a month? What is the minimum she needs to pay each month in order to make any progress on paying off the loan?
2. Alex needs to repay a $ 8500 debt. His bank offers personal loans with terms from one to five years at 8.9% per year, compounded monthly. a) Determine Alex's monthly payment for a five-year term. Use formula and show your work. ( gag. b) Calculate the total interest paid on the loan if he makes monthly payment. c) Determine Alex's payment if he chooses to make bi-weekly and weekly payments. Use TVM Advanced Calculator and fill up the blank. Bi-weekly Weekly TVM Advanced Calculator TVM Advanced Calculator Mode *End O Beginning Mode End Beginning Present Value PV Present Value PV Payments PMT Payments PMT

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