our Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost: You just receivedan offer in the mail to transfer your $15,300 balance from your current credit card, which charges an annualrate of 19.9 percent, to a new credit card charging a rate of 10.7 percent. a. How much faster could you paythe loan off by making your planned monthly payments of $320 with the new card?number of monthsquicker?

a.Current value = $15,300Annual rate = 19.9%Monthly payment = $320Calculation of number of months…

Answered: our Christmas ski vacation was great,…

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 Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost: You just received an offer in the mail to transfer your $12,400 balance from your current credit card, which charges an annual rate of 20.2 percent, to a new credit card charging a rate of 10.8 percent. a. How much faster could you pay the loan off by making your planned monthly payments of $245 with the new card? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if there was a fee of 3 percent charged on any balances transferred? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Number of months. b. Number of months with 3 percent fee Che
Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost: You just received an offer in the mail to transfer your $15,000 balance from your current credit card, which charges an annual rate of 18.6 percent, to a new credit card charging a rate of 9.2 percent. a. How much faster could you pay the loan off by making your planned monthly payments of $275 with the new card? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if there was a fee of 2 percent charged on any balances transferred? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Number of months b. Number of months with 2 percent fee
65.Calculating the Number of Periods Your Christmas ski vacation was great, but itunfortunately ran a bit over budget. All is not lost: You just received an offer in themail to transfer your $12,000 balance from your current credit card, which chargesan annual rate of 18.6 percent, to a new credit card charging a rate of 8.2 percent.How much faster could you pay the loan off by making your planned monthly payments of $250 with the new card? What if there was a 2 percent fee charged on anybalances transferred?
You ran a little short on your spring break vacation, so you put $1,000 on your other credit card. You can afford only the minimum payment of $60 per quarter. The interest rate on the credit card is 18 per year compounded quarterly. How many years will you need to pay off the $1,000? I want to solve this problem using the financial calculator so if your able to show me what to punch in that would be great
You ran a little short on your spring break vacation, so you put $1,000 on your other credit card. You can afford only the minimum payment of $60 per quarter. The interest rate on the credit card is 18 per year compounded quarterly. How many years will you need to pay off the $1,000?
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(Use Formula Approach or Calculator Approach) You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?
Suppose that on January 1 you have a balance of $6,000 on the following credit cards, which you want to pay off in the given amount of time. Assume that you make no additional charges to the card after January 1. The credit card APR is 24%, and you want to pay off the balance in 1 year. Round to the nearest cent The credit card APR is 25%, and you want to pay off the balance in 2 years. $ Round to the nearest cent The credit card APR is 26%, and you want to pay off the balance in 3 years. Round to the nearest cent
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It is still three weeks until payday and you have run out of cash. You have just received an advertisement from The Money Shop offering a payday loan for 21 days. You can borrow $500 for only $19.99. The fee of $19.99 is payable when you repay the loan. What is the effective annual rate of interest? Answer: 97.7%
Economic
You just received an offer in the mail to transfer your $5,000 balance from your current credit card, which charges an annual rate of 18.7 percent, to a new credit card charging a rate of 5.9 percent. You plan to make payments of $250 a month on this debt. How many fewer payments will you have to make to pay off this debt if you transfer the balance to the new card?

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