Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely. 1.What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years? 2.What will be the total interest paid?
Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely. 1.What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years? 2.What will be the total interest paid?
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
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QUESTION 4
Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely.
1.What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years?
2.What will be the total interest paid?
Transcribed Image Text:QUESTION 4
Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his
credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it
off completely .
What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years?
What will be the total interest paid?
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Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 21% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely.
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