Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is an APR rate of 14.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $120?

Q: Assume that you have a balance of $4900 on your Discover credit card and you make no more charges.…

A: A credit card refers to a debt instrument that allows the holder to access funds that they repay at…

Q: You have taken out a loan to help with college expenses. The interest rate is 0.4% per month. The…

A: Information given in question ÷ Interest rate is 0.4% per month Monthly interest payment = 80

Q: Michael has a credit card debt of $70,000 that has a14​% ​APR, compounded monthly. The minimum…

A: Part 2: Explanation:Step 1: Calculate the monthly payment \( P \) for the old credit card with a 14%…

Q: You have credit card debt of $37,500 that has an APR (monthly compounding) of 15%. Each month you…

A: APR of old card = 15%APR of New Card = 12%Number of months in year = 12(i)Monthly Interest rate of…

Q: Recently, you made multiple large purchases on your credit card totaling $17,300. The interest rate…

A: Given The Purchases are $17300 Interest rate is 15.4%

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Future value = Present value ( 1 + rate of interest )Period Future value = Amount deposited * Future…

Q: If you’re average daily balance on your credit card in June is $1,200 and your APR is 18%, how much…

A: Here,AverageDaily Balance of Credit Card is $1,200APR is 18%Late Charges is $29

Q: If your Visa credit card has an APR of 14.49%, compounded monthly and your current balance is…

A: APR is 14.49% Compounded monthly Current Balance is $425.69 Time period 1 year Minimum monthly…

Q: Jon plans to start a saving account. His plan is to deposit $59 each month into a money market…

A: The number of months it will take to accumulate $1000 can be calculated with the help of NPER…

Q: ou make a one time 2000 deposit into an account which pays an annual interest rate of 1.7 compounded…

A: the final balance in the account will be the future value of the amount 2000 along with the interest…

Q: how long will it take for teh account to be paid off?

A: Formula for loan amortization A= [i*P*(1+i)^n]/[(1+i)^n-1] Formula for calculating number of…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Compound = monthly = 12 Payment = p = $140 Interest rate = r = 6 / 12 = 0.5% Time = t = 15 months

Q: What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest…

A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

Q: You have a credit card that has a balance of $7590at an APR of 21.99%. You plan to pay $400each…

A: The objective of this question is to determine how many months it will take to pay off a credit card…

Q: You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each month you…

A: Monthly Interest rate of old card=18%/12=1.5%Interest payment of old card per month=$30000*1.5%=…

Q: You make a one-time $3,088 deposit into an account which pays 2.8% compounded weekly. If you don't…

A: using excel fv function

Q: You have 45 remaining monthly payments of $688 until you pay off your car loan with interest.…

A: In order to find the current balance of the loan today one has to find the Present value of the…

Q: annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how…

A: We need to use NPER function in excel to calculate time to payoff loan. The formula is:…

Q: You have just entered college and have decided to pay for your living expenses using a credit card…

A: Solution: An equal amount paid each period is known as annuity. Future value of annuity = PMT x…

Q: You ran a little short on your spring break vacation, so you put $2,000 on your credit card. You can…

A: Banks issue credit cards to its customers. The customers use the credit cards for making purchases,…

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

Q: Recently, you made multiple large purchases on your credit card totaling $10,350. The interest rate…

A: Formulas:

Q: You are late paying a bill for ​$10,649.04. You have made arrangements to pay off the bill in…

A: Present Value = pv = $10,649.04Monthly Payment = p = $260Interest Rate = r = 1.5%

Q: ou have monthly interest rate of 1.65% and a balance on your credit card of 2000.00. If you paid the…

A: To determine the interest amount and percentage that goes towards reducing principle.  The amount of…

Q: You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: Compound = monthly = 12Present Value = pv = $4000Interest rate = r = 14 / 12 %Time = t = 4 * 12 = 48

Q: You have $5500 in credit card bills at an annual interest rate of 26%. You have not made a payment…

A: The objective of the question is to calculate the total amount owed on a credit card bill after two…

Q: You have a credit card that has a balance of $6400 at an APR of 13.49%. You plan to pay $300 each…

A: The objective of the question is to determine the number of months it will take to pay off a credit…

Q: sume that you have a balance of $4200 on your Discover credit card and that you make no more…

A: Credit cards are based on monthly payments and there is settlement on every month of card.

Q: Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest…

A: The credit card information consists of the credit card number, expiration date, etc. The best thing…

Q: You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will…

A: Charge of credit card = 3172 Minimum monthly payment = 46.69 N = 96 payments