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: On September 1, 2018, you bought a used car for $37,000. You paid $2,000 down and financed the…

A: From the given information first monthl payment on the loan is calculated and then using the monthl…

Q: Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9…

A: Compound = monthly  = 12 Present value = pv = $6200 Interest rate = r = 14.9 / 12% Payment = p =…

Q: I need assistance to solve this problem: On September 1, 2018, you bought a car for $23,000. You…

A: Calculation of payoff the loan on November 1, 2020:First it is required to calculate the total…

Q: the apr on the card is 12%, and you are not going to use the cardinal paid in full. assume you owe…

A: Credit debt = $1,383 Interest Rate = 12% APR Monthly Payment = 140

Q: You have credit card debt of $1,000 at 20% APR compounded monthly. If you charge no more purchases…

A: Borrowings are the liability of the borrower which is used to finance the requirement of the funds.…

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: 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: It is still three weeks until payday and you have run out of cash. You have just received an…

A: The rate that is actually earned on an investment is called the effective interest rate. It is also…

Q: Suppose that on Janu If y Calcule When What percentage The monthly payment is Do not round und the…

A: Monthly payment refers to an amount that is paid every month for the repayment of the loan amount…

Q: You have two monthly car payments of $400 each left on your car. If the interest rate is 0.75…

A: Monthly Payment (PMT) = $400Monthly interest rate (r) = 0.75% or 0.0075Number of periods (n) = 2…

Q: You borrow the following amount today. The bank gives you a payment holiday of 3 years (that means…

A: Deferred Period (Years) 3 Quarterly time period 20 Loan Principal   $5,900.00 Quarterly…

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: 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: You have a credit card that has a balance of $10,700 at an APR of 14.49%. You plan to pay $⁢400 each…

A: The credit card refers to the debt instrument used by individuals to access funds that they repay at…

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 owe $75,000 on your mortgage loan at 5.7% interest. Your monthly payment is $1,221 of which $432…

A: For calculation of number of months for which loan is to be paid , we will use excel function of…

Q: You have credit card debt of $30,000 that has an APR (monthly compounding) of 15%. Each month you…

A: In the realm of personal finance, credit cards play a significant role in managing expenditures and…

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: ou could earn 3% on your money in your checking account, as long as the minimum balance does not…

A: The cost of checking account is the total cost which one has to bear for not maintaining the minimum…

Q: Suppose you have a Visa credit card and pay a 20 percent annual fina charge (1.67 percent per month)…

A: The credit card charges interest on average daily balance and finance charges on based on month on…

Q: a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up…

A: Credit card provides a maximum limit of credit that the person can withdraw from the bank and pay…

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: How much do you still owe on your auto loan if you have 47 remaining monthly payments of $543 with…

A: Compound = Monthly = 12Number of Payment = n = 47Monthly Payment = p = $543Interest Rate = r = 6.9 /…

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

A: Formulas:

Q: Suppose I have a balance of $4500 on my Bank of America credit card.  Assume the interest rate on my…

A: Payment is made monthly, hence it is a question of annuity. Annuity means number of payments which…

Q: You have an outstanding student loan with required payments of $825 per month for the 42 months. The…

A: Monthly payment refers to the equal payments that are required to be paid by the borrower to the…

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: Suppose you borrow $29 thousand for 54 months to purchase a car. The loan has a rate of 7% with…

A: Information Provided: Loan amount = 29,000 Loan period = 54 months Interest rat e= 7% with…

Q: You have been given eight months to pay off your gambling debt. You need $2,200 in eight months. How…

A: Interest is an additional amount which is paid or received on borrowed or lending amount for the…

Q: Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a…

A: Credit cards refer to debt instruments that are provided by financial institutions to individuals…

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 balance of $9700 for your tuition on your American Express credit card. Assume that you…

A: Here,Balance of the card is $9700APR is 13%Minimum Payment is 4%

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: A person spent 7000 TL with a credit card and could not pay his debt. Credit card applies 36%…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: 2. Suppose your credit card balance is $1,125. The minimum payment amount is $22, and the annual…

A: The credit card balance payment is done at regular intervals to pay off the loan for a fixed…

Q: You have a credit card that has a balance of $8930 at an APR of 16.49%. You plan to pay $400 each…

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