Jane has a credit card balance of $21,000. The annual interest rate is 20%. She is required to pay a minimum of 4% of the outstanding balance, but never less than $40. How many months will it take to pay off the credit card balance if she pays $25 in addition to the required minimum payments? You must show your work on an Excel spreadsheet and place in the designated dropbox. 119 163 102

Jane has a credit card balance of $21,000. The annual interest rate is 20%. She is required to pay a minimum of 4% of the outstanding balance, but never less than $40. How many months will it take to pay off the credit card balance if she pays $25 in addition to the required minimum payments? You must show your work on an Excel spreadsheet and place in the designated dropbox. 119 163 102

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

Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10. Marcia hoped to repay the loan by February Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? show complete and clear solution
Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day billing cycle. The current balance is x and the APR is 24%. Rebecca is buying a friend an expensive gift that costs $1,400 that she plans to put on her credit card. This will be her only purchase this month. She will bemaking this purchase on the last day of the month. Part A if her finance charge will be $51 write and solve an equation to determine her current balance on her credit card show your work. Part B How much in finance charges can she save by making the purchase on the last day of the billing versus the first day of billing? Explain
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?
You have just entered college and have decided to pay for your living expenses using a credit card that has no minimum monthly payment. You intend to charge $950 per month on the card for the next 45 months. The card carries a monthly interest rate of 1%. How much money will you owe on the card 46 months from now, when you receive your first statement post-graduation?
Use Worksheet 7.1. Every 6 months, Sean Ma takes an inventory of the consumer debts that he has outstanding. His latest tally shows that he still owes $3,750 on a home improvement loan (monthly payments of $225); he is making $105 monthly payments on a personal loan with a remaining balance of $700; he has a $2,000, secured, single-payment loan that's due late next year; he has an $80,000 home mortgage on which he's making $1,050 monthly payments; he still owes $10,500 on a new car loan (monthly payments of $450); and he has a $630 balance on his MasterCard (minimum payment of $30), a $90 balance on his Exxon credit card (balance due in 30 days), and a $500 balance on a personal line of credit ($50 monthly payments). Use Worksheet 7.1 to prepare an inventory of Sean's consumer debt. Round the answers to the nearest cent. Type of Consumer Debt Creditor Currently Monthly Payment Latest BalanceDue Auto loans $ $ Personal installment loans $ $ Home improvement loan…
Hazel has taken out a 40,000 loan that requires quarterly payments of $2300 over over five years. What is the APR for this loan how do I answer this using the TVM function
Sarah borrows some money to buy a new car. The car dealership allows her to defer payments for 12 months, and Sarah makes 60 end-of month payments thereafter. If the original loan is $29140 and interest is 0.75% per month, how much will Sarah's monthly payment be? 4 O $1326 O $796 O $530 O$663 O $1193
LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5% with monthly payments of $673.65. How much will she spend on interest over the life of the loan? Round your answer to the nearest cent. Use the spreadsheet to solve.
Use the appropriate formula located on Illustration 10-1 on page 209 to solve the problem. At the end of every 3 months, Teresa deposits $1500 into an account that pays 6% compounded quarterly for 4 years. A) When this certificate matures, how much will Teresa have accumulated B) How much interest did Teresa earn? Show the use of the appropriate formulas for each part by indicating the evaluation of the formula with the information and provide the answer. Be sure to label the parts using the provided letters and organize your work neatly.
Lydia borrows $2000 from a credit card company at 23% annually for two years. Determine Lydia’s monthly payments.
Can you please help me work this problem out in detail? Carol is depositing $250 into an account every six months earning 6%, compounded semiannually. How much money will be in the account after 5 years?
Alien Jackson has $2,000 on her credit card which charges a 23% interest rate. If she wants to pay off the credit card in 4 years, how much will she need to pay each month (assuming she don't charge anything new to the card)?

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