The annual interest rate on a credit card is 13.99%. If the minimum payment of $30 is made each month, how many months will it take to pay off an unpaid balance of $806.84? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)

The annual interest rate on a credit card is 13.99%. If the minimum payment of $30 is made each month, how many months will it take to pay off an unpaid balance of $806.84? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The annual interest rate on a credit card is 17.90% if a payment of $400,00 is made each month, how many months will it take to pay off an unpaid balance of $2,340.727 Assume that no new purchases are made with the credit card It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)
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Assume that you have a balance of $4200 on your Discover credit card and that you make no more charges. Assume that Discover charges 25% APR and that each month you make only the minimum payment of 2.2% of the balance. What will the balance be after 10 years? (Enter your answer rounded to the nearest cent.)
Use PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)
Assume that you have a balance of $4500 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance. a) Find a formula for the balance after t monthly payments. b) What will the balance be after 30 months? c) What will the balance be after 10 years?
Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 18%, compounded monthly. The credit card company says your minimum monthly payment is $19.80. (4.15) Solve, a. If you make only this minimum payment, how long will it take for you to repay the $1,100 balance (assuming no more charges are made)? b. If you make the minimum payment plus $10 extra each month (for a total of $29.80), how long will it take to repay the $1,100 balance? c. Compare the total interest paid in Part (a) with the total interest paid in Part (b).
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