You have $3,500 on a credit card that charges an annual interest rate of 20%. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?You have $3,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
- You have $4 000 on a credit card that charges a 18% interest rate.If you want to pay off the credit card in 3 years how much will you need to pay each month (assuming you don't charge anything new to the card)?You have $4,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?$ each monthYour credit card carries a 23.99%interest rate. You want to pay off your balance of $8700 with equal monthly payments over 3 years. How much should each payment be ? Suppose you transfer your balance to a card charging 5.95% interest. How much should each payment be to retire your debt after 3 years? How much total interest do you pay? How much total interest do you save over the card with the 23.99% interest rate?
- You have a balance of $5,000 on your credit card. The interest rate is 15% per year. You want to make equal monthly payment for the next 4 years to completely pay off the balance. Assume no other purchases or payments other than your calculated plan. What must be the amount of your monthly payment? Round to the nearest $ and use the $ symbol.How many years will it take for you to be debt free ??? General accountingYou have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month?
- A friend asks to borrow $51 from you and in return will pay you $54 in one year. If your bank is offering a 6.3% interest rate on deposits and loans: How much would you have in one year if you deposited the $51 instead? How much money could you borrow today if you pay the bank $54 in one year?A friend asks to borrow 455 form you and in return will pay you $58 in one year. If your bank is offering a 6% interest rate on deposits and loans: a) how much would you have in one year if you depostied the $55 instead? b) how much money could you borrow today if you pay the bank $58 in one year?A friend asks to borrow $55 from you and in return will pay you $58 in one year. Ifyour bank is offering a 6% interest rate on deposits and loans: How much would you have in one year if you deposited the $55 instead? How much money could you borrow today if you pay the bank $58 in one year? Should you loan the money to your friend or deposit it in the bank?