You currently have a $4,500 balance on your credit card that you were planning to repay in 24 equal monthly installments starting next year (year 1). The credit card charges an interest of 10% monthly. You get a raise at work and want to try to pay off the loan in 12 payments (as opposed to 24 payments) starting next year (year 1). Choose the true statement about the new monthly payment (for paying off in 12 months)? O It will be less than twice the amount of the 24 month loan monthly payment O It will be the same as the amount of the 24 month loan monthly payment O It will be half the amount of the 24 month loan monthly payment It will be more than twice the amount of the 24 month loan monthly payment

You currently have a $4,500 balance on your credit card that you were planning to repay in 24 equal monthly installments starting next year (year 1). The credit card charges an interest of 10% monthly. You get a raise at work and want to try to pay off the loan in 12 payments (as opposed to 24 payments) starting next year (year 1). Choose the true statement about the new monthly payment (for paying off in 12 months)? O It will be less than twice the amount of the 24 month loan monthly payment O It will be the same as the amount of the 24 month loan monthly payment O It will be half the amount of the 24 month loan monthly payment It will be more than twice the amount of the 24 month loan monthly payment

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.

Question

Please answer fast please answer arjent

You currently have a $4,500 balance on your credit card that you were planning to
repay in 24 equal monthly installments starting next year (year 1). The credit card
charges an interest of 10% monthly.
You get a raise at work and want to try to pay off the loan in 12 payments (as opposed
to 24 payments) starting next year (year 1). Choose the true statement about the new
monthly payment (for paying off in 12 months)?
O It will be less than twice the amount of the 24 month loan monthly payment
O It will be the same as the amount of the 24 month loan monthly payment
OIt will be half the amount of the 24 month loan monthly payment
It will be more than twice the amount of the 24 month loan monthly payment

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