Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary. a. The amount of a monthly payment within the time frame given b. The total amount paid over the time period 12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years

Q: How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13…

A: Simple interest is an interest that is calculated on the initial investment.

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A: Interest = Principal * Rate * Time

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A: Present value of annuity formula: PVA=A×1-11+rmm×nrm where, PVA = account balance r = rate of…

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A: The formula used to compute final worth of CD as follows: A=P1+rnnt

Q: You would like to contribute to a savings account over the next three years in order to accumulate…

A: Compound = Quarterly = 4Number of Payment = n = 3 * 4 = 12Interest rate = i = 14 / 4 = 3.5%Payment =…

Q: You get an offer for a credit card that charges 13.99% interest APR, compunded monthly. What…

A: Effective Annual Interest Rate: The actual return on a savings account or any other investment that…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Compound = monthly = 12 Payment = p = $140 Interest rate = r = 6 / 12 = 0.5% Time = t = 15 months

Q: Calculate the monthly finance charge for the credit card transaction. It takes 10 days for a payment…

A: We will calculate the interest on the basis of simple interest.

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A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

Q: If you borrow $7,500 at $550 interest for one year, what is your effective interest rate for the…

A: The effective rate of interest refers to the return on savings or interest on the investment…

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A: Compound = monthly = 12Interest rate = r = 5.5 / 12 %Time = t = 11 * 12 = 132Future Value = fv =…

Q: annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how…

A: We need to use NPER function in excel to calculate time to payoff loan. The formula is:…

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A: It seems there might be a mistake or some missing information in this question. Let me clarify a few…

Q: ven the annual interest rate and a line of an amortization schedule for that loan, complete the next…

A: Calculating Interest Rate Given, Annual Interest rate = 9% = 9/100 = 0.09 Payments are made monthly…

Q: a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal…

A: Annuities refer to a stream of periodic cash flows. Here the periodic deposit is an annuity and…

Q: Suppose your credit card issuer states that it charges a 17.00% nominal annual rate, but you must…

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Q: One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments…

A: A loan is a debt amount borrowed by one person from another person at a predetermined financial…

Q: 7.  Your goal is to have $15,000 in your bank account by the end of eight years. If the interest…

A: The future value of an annuity is a financial calculation that represents the total value of a…

Q: whats the answer to number 1?

A: Please see the next step for the solution

Q: Subject : - Finanace  assume you currently have a chase sapphire preferred card with a balance of…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: ts, which amounts to monthly compounding. What is the effective annual rate?   a. 24.23%

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Q: how to use texas instrument TI-30XIIs calculator to find the savings plan balance? ex: Find the…

A: Compound = Monthly = 12Time = t = 3 * 12 = 36Interest Rate = r = 3 / 12 = 0.25%Monthly Payment = p =…

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

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A: In credit cards they are charged based on the daily balance and there is need of daily balance and…

Q: You expect to have the given amount in an account with the given terms. Find how much you can…

A: Formula to calculate periodic withdrawal is: P0 = d(1 - (1+r/k)^-Nk)                    r/k Where P0…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Finance charge refers to the amount that is billed to the card account if the previous month’s total…

Q: Find the following. (Round your answers to the nearest cent.) Finance Charge   Number of Payments…

A: Finance charge is an additional amount which is paid on borrowed amount. It is expenses for the…