Only type answer and give answer fast Suppose you owe $1,000 on your credit card. The annual percentage rate (APR) is 15%, compounded monthly. The credit card company says your minimum monthly payment is $16.57.a. If you make only this minimum payment, how long will it take for you to repay the $1,000 balance (assuming no more charges are made)?b. If you make the minimum payment plus $9.35 extra each month (for a total of $25.92), how long will it take to repay the $1,000 balance?c. Compare the total interest paid in Part (a) with the total interest paid in Part (b).a. It will takeb. It will takec. The difference in the total interest paid in Part (a) and Part (b) is $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.)

A credit card refers to an instrument that provides debt financing to both individuals as well as…

Answered: Suppose you owe $1,000 on your credit…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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