**Question:**The balance of my MasterCard is $4,315.67 with an APR of 27.8%. I make the minimum payment of $175 a month. How long will it take to pay off my MasterCard and how much interest will I pay?- ○ 37 months, $2,159.33- ○ 37 months, $2,185- ○ 35 months, $1,779.83- ○ 35 months, $1,784.15

Credit cards are used now days very commonly but one must use it with care because there are many…

Answered: The balance of my MasterCard is $4315…

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

Bank LZX offers a financial security pays the holder $100 per month. What is the present value of the security if the next payment is one month from today, there are 36 payments remaining, and the relevant interest rate is 9% APR compounded monthly?
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pm.3 You have S81, 455.75 in a brokerage account, and you plan to deposit an additional $22,000 at the end of each future year until your account reaches $500,000 . You expect to earn 9% annually on the account. How long will ittake to reach your goal?
The balance of my MasterCard is $4315.67 with an APR of 27.8%. I make the minimum payment of $175 a month. How long will it take to pay off my MasterCard and how much interest will I pay?
Assume that you start with a balance of $3900 on your credit card. During the first month you charge $400 and during the second month you charge $650 Assume that you credit card charges a 29% APR and that each month only the minimum payment of 2.5% of the balance. Table round to the nearest cent 1 month Previous balance, Finance charge- Purchase- New balance 2 month Previous balance, Finance charge- Purchase- New balance
6
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Suppose you borrow $14,000. The interest rate is 11%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0". Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ fill in the blank 60 $ fill in the blank 61 $ fill in the blank 62 $ fill in the blank 63 $ fill in the blank 64 2 $ fill in the blank 65 $ fill in the blank 66 $ fill in the blank 67 $ fill in the blank 68 $ fill in the blank 69 3 $ fill in the blank 70 $ fill in the blank 71 $ fill in the blank 72 $ fill in the blank 73 $ fill in the blank 74 4 $ fill in the blank 75 $ fill in the blank 76 $ fill in the blank 77 $ fill in the blank 78 $ fill in the blank 79
Need only handwritten solution only (not typed one).
am. 111.
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The balance of my MasterCard is $4315 67 with an APR of 27 8 % I make the minimum payment of $175 a month. How long will it ta MasterCard and how much interest will I pay? O 37 months, $2159.33 O 37 months, $2185 O 35 months, $1779.83