please solve A,B and C with work3. Suppose you have a credit card with a balance of $5200 and an interest rate of24.3% APR. The minimum payment is $105. The amount of interest due each month isfigured as current balance.. where r is the rate (decimal form) and n is 12.A) Fill in the table, making minimum payments.Month123456789101112Currentbalance$5200.00$5200.30Interest$105.30Calculation:Payment$105$105$105$105$105$105$105$105$105$105$105$105Amount applied to principal-$0.30B) Will you ever be out of debt with the credit card company? Explain. (Hint: Use thePresent value formula and solve for n).Calculation:C) Suppose you chose to pay $150 per month instead. Will you ever be out of debt withthe credit card company? Explain. (Hint: Use the Present value formula and solve forn).

Annual Percentage Rate is the rate of interest chargeable over a certain loan or mortgage over a…

please solve A,B and C with work 3. Suppose you have a credit card with a balance of $5200 and an interest rate of 24.3% APR. The minimum payment is $105. The amount of interest due each month is figured as current balance where r is the rate (decimal form) and n is 12. A) Fill in the table, making minimum payments. Month 1 2 3 4 56789 10 11 12 Current balance $5200.00 $5200.30 Interest $105.30 Calculation: Payment Amount applied to principal $105 $105 $105 $105 $105 $105 $105 $105 $105 $105 $105 $105 -$0.30 B) Will you ever be out of debt with the credit card company? Explain. (Hint: Use the Present value formula and solve for n). Calculation: C) Suppose you chose to pay $150 per month instead. Will you ever be out of debt with the credit card company? Explain. (Hint: Use the Present value formula and solve for n). Ca

please solve A,B and C with work 3. Suppose you have a credit card with a balance of $5200 and an interest rate of 24.3% APR. The minimum payment is $105. The amount of interest due each month is figured as current balance where r is the rate (decimal form) and n is 12. A) Fill in the table, making minimum payments. Month 1 2 3 4 56789 10 11 12 Current balance $5200.00 $5200.30 Interest $105.30 Calculation: Payment Amount applied to principal $105 $105 $105 $105 $105 $105 $105 $105 $105 $105 $105 $105 -$0.30 B) Will you ever be out of debt with the credit card company? Explain. (Hint: Use the Present value formula and solve for n). Calculation: C) Suppose you chose to pay $150 per month instead. Will you ever be out of debt with the credit card company? Explain. (Hint: Use the Present value formula and solve for n). Ca

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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