Joey realizes that he has charged too much on his credit card and has racked up $5,500 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Answer is complete but not entirely correct. 43.20 months Time to pay off the debt

Joey realizes that he has charged too much on his credit card and has racked up $5,500 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Answer is complete but not entirely correct. 43.20 months Time to pay off the debt

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

A person spent 7000 TL with a credit card and could not pay his debt. Credit card applies 36% interest annually as default interest and the interest period is used daily in calculations. a) What is the annual effective interest? b) In how many months will he pay his debt if he pays 200 TL every month? c) If he pays his debt in one go after 1 year, how many liras should he pay? d) If he pays his debt in equal installments every month within 1 year, how much should he pay each month? e) What is the real interest rate if the annual inflation is 28%? f) What is the interest he will pay if he makes an agreement to pay his debt in 10000 TL one year later?
You owe $12,500 on your credit card. Horrified, you decide to make no more purchases and make payment of $500 per month. How long will it take you to pay off your credit card if it charges interest at J12=18% and your first payment is today. You may give your answer in months. Your Answer: Answer
You have a loan outstanding. It requires making nine annual payments of $5,000 each at the end of the next nine years. Your bank has offered to allow you to skip making the next eight payments in lieu of making one large payment at the end of the loan's term in nine years. If the interest rate on the loan is 4%, what final payment will the bank require you to make so that it is indifferent to the two forms of payment? The final payment the bank will require you to make is $ (Round to the nearest dollar.) I
Phoebe realizes that she has charged too much on her credit card and has racked up $6,400 in debt. If she can pay $225 each month and the card charges 15 percent APR (compounded monthly), how long will it take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Question 7. You have an outstanding credit card balance of $2,000. You decide to stop making new charges and pay $375 each month until the balance is paid. If your annual interest rate is 18%, how many months will it take you to pay off your balance? Your Answer: Answer
Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 10% interest compounded semiannually. Four Rivers offers 8% interest compounded quarterly. Melvin has $10,000 to invest. He expects to withdraw the money at the end of 4 years.Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use the Table provided.) (Do not round intermediate calculations. Round your answers to the nearest dollar amount.)
You have a loan outstanding. It requires making nine annual payments of $4,000 each at the end of the next nine years. Your bank has offered to allow you to skip making the next eight payments in lieu of making one large payment at the end of the loan's term in nine years. If the interest rate on the loan is 9%, what final payment will the bank require you to make so that it is indifferent to the two forms of payment? The final payment the bank will require you to make is $52084.15. (Round to the nearest cent.)
How do we work out how much was saved by making the partial payment? I know the answer is $26.91, but I don't know how to get there. Please help me. Polly Flynn borrowed $6,000 for 90 days at 7%. On day 20, Polly made a $2000 partial payment. (Assume ordinary interest) What is Polly’s ending balance due? How much did Polly save by making the partial payment?
Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month into that same account at the end of that month and each subsequent month for the next 5 years. If the bank pays interest at the rate of 3% per year compounded monthly, how much will Bod have in his account at the end of 5 years? Assume that he makes no withdrawals during the 5 year period.
Peter has borrowed $8,600 to pay for his new car. The annual interest rate on the loan is 7.4 percent, and the loan needs to be repaid in four payments. What will be his annual payment if he begins his payment today now? (Round to the nearest dollar.) a. $2,850 b. $2,656 c. $2,385 d. $2,448
5. math of interest. please solve correctly
Please solve part c and d Don't copy from another source.

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