K The annual interest rate on a credit card is 13.99 %. If the minimum payment of $20 is made each month, how many months will it take to pay off an unpaid balance of $946.17? Assume that no new purchases are made with the credit card.

Q: + nt card has a balance of $5400 and an annual interest rate of 1 there are no further purchases…

A: Loans are paid by the equal monthly payments and these payments carry the payment for interest and…

Q: You have $20,000 of credit card debt with a rate of interest of 14%. How long would it take to pay…

A: For credit card problem's first part excel's NPER function will be used.The syntax is:  NPER(rate,…

Q: STATEMENT BALANCE. Your credit card statement period CLOSES on the 1st of every month and a new…

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Q: Currently, your credit card has a balance of $14,000. The credit card has an effective monthly…

A: The number of monthly payments may be calculated through following formula   Present value =…

Q: Mansukh

A: The objective of this question is to find out how many months it will take to pay off an unpaid…

Q: A bank that provides overdraft protection charges 12 percent for each $100 (or portion of $100)…

A: Part (a)The overdraft protection charge = 12% for each $100 (or portion of $100) borrowedThus 12% is…

Q: (a) Write an iterative equation for the monthly unpaid balance Un. (b) What level will the unpaid…

A: The "Unpaid Balance" on a credit card refers to the outstanding amount of money that you owe to the…

Q: Mansukhbhai

A: The objective of this question is to find out how many months it will take to pay off an unpaid…

Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…

A: Using NPER function in excel

Q: Use PMT= PA to determine the regular payment amount, rounded to the nearest dollar. Your credit card…

A: Monthly payment for a credit card carries the payment for interest and payment for the loan balance…

Q: The annual interest rate on a credit card is 13.99%. If a payment of $200.00 is made each month, how…

A: Number of periods, The number of periods is used to calculate the number of years it will take to…

Q: A store will give a 2.5% disount on the cost of purchase if you pay cash today. The payment is due…

A: Effective annual rate (EAR) is a measure of the true annual interest rate that takes into account…

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

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: The annual interest rate on a credit card is 17.99% if a payment of $400 00 is made each month, how…

A: Compound = monthly = 12Interest Rate = rate = 17.99 / 12 = 1.49916666667%Monthly Payment = pmt =…

Q: Do you have a total credit card debt of $6000 you receive an offer to transfer this debt to a new…

A: Annual Percentage Rate(APR) is the specified rate of interest charged by any of the authorizing…

Q: You have a balance of $7500 on your credit card and you make no further charges. If your APR is…

A: Monthly rate = APR /12 = 12.5% / 12 = 1.041667%

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

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

A: Investors and consumers can compare interest rates across a range of financial products with…

Q: For the past year, Kayla, Inc., has sales of $45,407, interest expense of $3,464, cost of goods sold…

A: operating cash flow refers to the cash flow generated from the business operation.operating cash…

Q: security pays the holder $100 per month. What is the present value of the security if the next…

A: A future sum's present value is the current estimation of its worth. Investors determine the present…

Q: 11. Suppose you have a balance of $5400 on your credit card, which charges an APR of 18%. If you…

A: Monthly payment refers to an amount that is paid at every month for the repayment of loan amount…

Q: Your credit card has a balance of $3700 and an annual interest rate of 13%. You decide to pay off…

A: Given: Loan amount $3,700 Interest rate = 13% Years =1

Q: Use PMT= 1 - ( ₁ + - - - n to determine the regular payment amount, rounded to nt the nearest…

A: Given, The credit card balance is $5,600 Rate is 18% Term is 3 years