ssume that you have a balance of $4600 on your Discover credit card and that you make no more charges. Assume that scover charges 26% APR and that each month you make only the minimum payment of 2.3% of the balance. hat will the balance be after 10 years? nter your answer rounded to the nearest cent.

ssume that you have a balance of $4600 on your Discover credit card and that you make no more charges. Assume that scover charges 26% APR and that each month you make only the minimum payment of 2.3% of the balance. hat will the balance be after 10 years? nter your answer rounded to the nearest cent.

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

If you owe $5,000 on a credit card that charges 18.99% apr and you decide to put no more charges on the account until it is paid off, how much money will you save if you make $200 payments vs $150 payments?
NEED FULLY CORRECT HANDWRITTEN SOLUTION FOR THIS.... ASAP!!! Please be fast and I'll surely rate positive!!
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How much interest will you have to pay for a credit card balance of $1,007 that is 1 month overdue, if a 19% annual rate is charged? You will have to pay $ in interest. (Round to two decimal places.)
You get a new credit card from your bank. The document that comes with the card informs you that the interest rate on that card is 19.1% APR. What is the effective annual rate you'll actually be paying? The credit card company uses monthly compounding of interest. Enter your answer as a percentage, rounded to 2 decimals, and without the percentage sign ('%'). For example, if your answer is 0.23456, then enter 23.46 21.98
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $590 per month. You will charge .99 percent per month interest on the overdue balance. If the current balance is $14,810, how long will it take for the account to be paid off? Number of months:
You purchase a new TV with a store credit card for $800. You have a year to pay off the TV, but interest accrues. The nominal rate is 12% compounded weekly. You pay back the full amount plus interest in one year, How much do you owe? O a. 866.51 O b. 832.59 O c. 901.87 O d. 896
← Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $3600 and an annual interest rate of 16% With no further 1- purchases charged to the card and the balance being paid off over three years, the monthly payment is $127, and the total interest paid is $972. You can get a bank loan at 8.5% with a term of four 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? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed) This is 5 A. The monthly payments for the bank loan are approximately $ OB. The monthly payments for the bank loan are approximately $ This is 5 less than the monthly credit card payments more than the monthly credit card payments
Suppose you run up a debt of $300 on a credit cardthat charges an annual rate of 12 percent, compounded annually. How much will you owe at theend of two years? Assume no additional chargesor payments are made
You borrow $28746 at 12.25 % interest compounded monthly. If you are unable to make any payments for 9 years, how much do you owe at the end of 9 years? No rounding off to interest rate and round off your final answer to 2 decimal places.
Mr. Bean wants to borrow $9,100 for three years. The interest rate is 7.1% compounded monthly. a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT = 24 b. What will be the balance owed on the loan at the start of the third year? Balance owed=
Pay it back Credit is a payday loan company that offers quick, short term loans using the borrower's future paychecks as collateral. Pay it back Credit charges $28 for each $100 loaned for a term of 21 days. Find the APR charged by Pay it back. Round your answer to the nearest hundredth of a percent.

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