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: 2b. You decide to take advantage of the store's payment plan. The payment plan's terms are as…

A: As per Bartleby honor code, when multiple questions are there, the expert is required only to solve…

Q: ssume that you wish to trade in your old car and buy a new car. The new car has a list price of…

A: Price of new car=$26983.54Number of payments=n=72Monthly rate=r=3.84/12=0.32%

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: t down to. One card has a 15% APR, and the other c 5% APR. You have carefully considered your budget…

A: In this we have to calculate monthly interest rate and present value FACTOR and from that we can…

Q: Mansukhbhai

A: The objective of this question is to find out how many months it will take to pay off an unpaid…

Q: You are interested in buying a new car. The sticker price is $38, 616.00 and you have $3,434.00 to…

A: Solution:-When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: How many months does it take to pay off the card, and what is the total amount paid including…

A: APR is the annual interest rate. It's like the annual fee for your borrowing. exist In other words,…

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: 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: compounded 12 times a year. If the card holder wants to pay off will the card holder need to pay?…

A: Credit card balances are paid by the monthly payments and these monthly payments carry the payment…

Q: a) You currently owe $25,000 on a credit card with a 16% interest rate and a minimum payment of $25…

A: a. Using the credit card calculator at fincalc website, we can determine the time required to pay…

Q: S Cars Just sold you a clunker (you need it to get to class on time). You financed the $4,728.48…

A: Loan amount = $4,728.48Monthly payment = $250Number of months = 24  months

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: Kangaroo Autos is offering free credit on a new $13,500 car. You pay $1,500 down and then $400 a…

A: Following formula will be used to calculate the present value:

Q: You want to buy a new sports coupe for $77,500, and the finance office at the dealership has quoted…

A: Compound = n = Monthly = 12Present Value = pv = $77,500Interest rate = r = 5.9 / 12Time = t = 48

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

A: Formulas:

Q: You have a balance of $12,000 for your tuition on your American Express credit card. Assume that you…

A: Minimum payment refers to the amount that remains at the end of each month for maintaining the…

Q: You want to by a boat and can afford payments of $350 per month for six years. The monthly interest…

A: a. given, A=$350 n=6 r=0.5% m=12 PVA=A×1-11+rn×mr=$350×1-11+0.5%12×60.5%=$21,118.83 answer:…

Q: You have a credit card with an APR of 24%. The card requires a minimum monthly payment of 8% of the…

A: APR  Annual Percentage Rate):The APR is the annualized representation of the interest rate on a…

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: A payday lender might lend you $350 now, and you'll be asked to pay them back when your paycheck…

A: A payday loan is a high-risk loan given for a short period of time on the promise that it will be…

Q: You just bought a new TV for $2,559.72 on your credit card; assume no other purchases The APR is 18%…

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

Q: You owe $7200 on a credit card, your company says the minimum payment is 3% of what you owe. How…

A: The amount owed is $7200 APR of 22% The minimum payment is 3% To Find: Time period

Q: A store will give you a 2.25% discount on the cost of your purchase if you pay cash today.…

A: The implicit borrowing rate refers to the rate that is applied to the customers for extending credit…