You are interested in purchasing a used bass guitar at a cost of 593.57, and you want to put it on a credit card. The cards interest rate is 19.2% nominal, annual  (compounded daily) and you won't have enough funds to pay back the purchase for 19 weeks. If you pay nothing for 19 weeks, how much would you owe total)?

Q: Suppose you want to buy a car. You have surveyed the dealers' newspaper advertisements, and the one…

A: the question is based on calculation of amortized loan . The loan will be repaid in equal…

Q: You wish to buy a $10,000 dining room set.  The furniture store offers you a three-year loan with an…

A: Given information: Present value or principal value is $10,000 Number of years of loan is 3 Interest…

Q: Suppose you decide to take the tour now and use a 15% credit card for the purchase. A. How many…

A: Hello. Since your question has multiple sub-parts, we will solve first the three sub-parts for you.…

Q: A car dealer offers to buy your car for $9,500 so that you can purchase a new one. If your monthly…

A: We use pv function in excel to calculate pv of payments

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 are considering purchasing a car with a sticker price of $50,000 (nonnegotiable with no down…

A: The amortization of loan refers to systematic, equal and regular repayment of loan. The instalment…

Q: To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you…

A: Solution:- When a loan is taken, it can either be repaid as a lump sum payment or in installments.…

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: Finally, you have decided to buy a car. You are able to negotiate the price down to $12,000. You…

A: given, r = 2.5% n = 3 m =12 p =12000 applying formula for monthly payment:…

Q: You have decided to buy a car with price tag of $30,000 but you are able to negotiate the price down…

A: A loan is a debt amount borrowed by a deficit unit from a surplus unit. The borrower is liable to…

Q: You have credit card debt of $25,000 that has an APR​ (monthly compounding) of 17%. Each month you…

A: The computation of the additional borrowing as follows:

Q: You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you…

A: Given Information: APR is 36% Credit amount is $800 Minimum payment is 10% on balance

Q: You just received your first credit card and decided to purchase a new Apple iPad. Youcharged the…

A:

Q: James wants to buy a gaming computer priced at $3,774, but he is not able to pay the amount in full.…

A: Price of the computer = $3,774 Time period = 12 Months  Interest rate = 14.8%

Q: You have a credit card with an APR of 24.99 %, monthly compounding, that has a balance of $6,600.…

A: Calculations for the original card:Monthly interest rate: Time to pay off debt: It'll take a long…

Q: (Use Formula Approach or Calculator Approach) You ran a little short on your spring break vacation,…

A: Given Information Present Value of Annuity = $1000 Annuity Amount = $20 per month Interest rate per…

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: ) If you make no payments and no additional purchases for one year, what will be the amount owed at…

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

Q: What is the simple interest rate ?

A: Loan is a contract between lender and borrower where lender provide funds to borrower for definite…

Q: You owe $12,500 on your credit card. Horrified, you decide to make no more purchases and make…

A: Using nper function of excel to calculate the time taken to pay off credit card…

Q: The annual interest rate on a credit card is ​17.99%. If a payment of ​$400.00 is made each​ month,…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: If you owe $5,000 on a credit card that charges 18.99% apr and you decide to put no more charges on…

A: Loans are paid by monthly payment that carry the payment of interest and payment of principal amount…

Q: To purchase a used automobile, you borrow $10,000 from Loan Shark Enterprises. They tell you the…

A: The APR is the annualized measure of the costs of borrowing, the APR will increase when the cost of…

Q: You have a credit card with an APR of 16%, compounded monthly, that has a balance of $7,000. You…

A: given, PV 7000       RATE 16%       COMPOUNDING PER YEAR 12       PMT -150       balance…

Q: You plan on purchasing a car for $28,500. The car dealer tells you that if you finance it through…

A: Here,

Q: You just received an offer in the mail to transfer your $5,000 balance from your current credit…

A: Calculation of fewer payments to pay off the debt: Answer: The number of payments will be less by…

Q: You are purchasing a new car for $27,600.  The dealership offers you three options: 0% financing: 0…

A: Cost of new Car is $27,600 Time period is 48 months Interest rate is 1.5% Compounded monthly To…

Q: u have credit card debt of $25,000 that has an APR (monthly compounding) of 15%. Each month you pay…

A: Credit card there are monthly interest and monthly payment that are to be paid each month. All…