NEED FULLY CORRECT HANDWRITTEN SOLUTION FOR THIS....ASAP!!!Please be fast and I'll surely rate positive!! You owe $1239 on your credit card. Youmake a minimum payment of $55 eachmonth. The rate on the credit card is22.99% compounded monthly. How longwill it take you to pay off the card?[m] months

Credit cards loans are paid by the monthly payment that carry the payment and payment of original…

Answered: ou owe $1239 on your credit card. Yc…

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ou owe $1239 on your credit card. Yc nake a minimum payment of $55 eacl month. The rate on the credit card is

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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your credit card has a balance of $3000 in an annual interest rate of 17% with no further purchase charge to the card and the balance being paid off over five years. The monthly payment is $75 and the total interest paid is $1500. You can get a bank loan at 9.5% with a term of six years complete parts, a and B below. A. How much will you pay each month? How does this compare with the credit card payment each month? A. the monthly payment for the bank loan are approximately $__ This is $__ more than a monthly credit card payments. B. The monthly payments are the bank loan are approximately $__ This is $__ less than the monthly credit card payments. B.How much total interest will you pay? How does this compare with the total credit-card interest? A. The total interest paid over 3 years for the bank loan is approximately$__. This is $__ more than the total credit-card interest. B. The total interest paid over 3 years for the bank loan is approximately $__. This is $__ less than the…
Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 24%, compounded monthly. The credit card company says your minimum monthly payment is $24.75. a. If you make only this minimum payment, how long will it take for you to repay the $1,100 balance (assuming no more charges are made)? b. If you make the minimum payment plus $7.17 extra each month (for a total of $31.92), how long will it take to repay the $1,100 balance? c. Compare the total interest paid in Part (a) with the total interest paid in Part (b). a. It will take b. It will take months for you to repay the initial balance. (Round to the nearest whole number.) months for you to repay the initial balance. (Round to the nearest whole number.) (Round to the nearest dollar.) c. The difference in the total interest paid in Part (a) and Part (b) is $
You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your credit card company requires at least 5% each month?
Today, you purchased $5300 on a credit card that charges an APR rate of 22.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $100?
A bank charges you, the credit card holder, 13.24% compounding monthly. Imagine that you have accumulated debt in an amount of $4,000. Your credit card statement shows a minimum monthly payment of $20.00. Assuming you wise up and realize that you better pay off your debt before charging on your card again, how long would it take to pay off the debt completely if you were to make the minimum payments? How long would it take if you were to make a monthly payment of $50.00?
You have borrowed $10,000 from a bank at the interest rate of 1% per month. Yourmonthly payment is $554.15. Find the time required to repay the loan.
Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a minimum payment of 3%. What is your minimum payment? What is your interest for 1 month? What is your new balance?
You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will pay it off after making 96 payments. How much total interest will you pay?
The annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how long will it take to pay off an unpaid balance of $2,487.56?
You have $4,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?$ each month
You have a balance of $400 on your credit card and make no more charges. Assume that the card carries an APR of 18%. Suppose you wish to pay off the card in six months by making equal payments each month. What is your monthly payment?
Your credit card has a limit of $3,000. You have charged goods totaling that amount. Your yearly APR is 12%. What is the finance charge one month?

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