Question

Math210:

1.) Suppose that on January 1 you have a balance of$5200 on a credit card whose APR is 14%,which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1.

- Calculate your monthly payments.

- When the card is paid off, how much will you have paid since January 1?

- What percentage of your total payment from part (b) is interest?

a. **The monthly payment is what**

(Do not round until the final answer. Then round to the nearest cent as needed.)

b. **The total paid since January 1 is
what?**

(Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)

c. *The percentage of the total paid that is interest
is what%.*

(Use the answer from part (b) to find this answer. Round to one decimal place as needed.)

Answer #1

Suppose that on January 1 you have a balance of $2700 on a
credit card whose APR is 14%,
which you want to pay off in 1 year. Assume that you make no
additional charges to the card after January 1.
a. Calculate your monthly payments.
b. When the card is paid off, how much will you have paid since
January 1?
c. What percentage of your total payment from part (b) is
interest?
a. The monthly payment is
??...

1.) Suppose that on January 1 you have a balance of$4200 on a
credit card whose APR is 13%,which you want to pay off in 1 year.
Assume that you make no additional charges to the card after
January 1.
a. Calculate your monthly payments.
b. When the card is paid off, how much will you have paid since
January 1?
c. What percentage of your total payment from part (b) is
interest?
-------------------------------------------------------------------------------------------------
a. The monthly payment is what?...

Suppose that on January 1 you have a balance of $2700 on a
credit card whose APR is 14%, which you want to pay off in 1 year.
Assume that you make no additional charges to the card after
January 1.
ANSWER Questions BELOW:
a. The monthly payment is ?? (Do not round until the final
answer. Then round to the nearest cent as needed.)
b. The total paid since January 1 is ? (Use the answer from
part (a)...

3. Suppose that on January 1 you have a balance of $3200 on a
credit card whose APR is 19%, which you want to pay off in 11year.
Assume that you make no additional charges to the card after
January 1.
a. Calculate your monthly payments.
b. When the card is paid off, how much will you have paid since
January 1?
c. What percentage of your total payment from part (b) is
interest?

Your credit card has a balance of ?$5400 and an annual interest
rate of 16%.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?
?(Do not round until the final answer. Then round to the nearest
dollar as? needed.)
b. How much total interest will you? pay?
(Use the answer from part a to find this answer. Round to the
nearest dollar...

Your credit card has a balance of $4700 and an annual interest
rate of 17%. With no further purchases charged to the card and the
balance being paid off over four years, the monthly payment is
$136, and the total interest paid is $1828. You can get a bank
loan at 9.5% with a term of five years. Complete parts (a) and
(b) below.
a. How much will you pay each month? How does this compare with
the credit-card payment...

Suppose that you borrow ?$17,000 for five years at 8?% toward
the purchase of a car. Find the monthly payments and the total
interest for the amortized loan.
The monthly payment is ?$ . ?
(Do not round until the final answer. Then round to the nearest
cent as? needed.)
The total interest for the loan is ?$ . ?
(Use the answer from part a to find this answer. Round to the
nearest cent as? needed.)

1.) Consider a home mortgage of $150,000 at a fixed APR of 6%
for 30 years.
-. Calculate the monthly payment.
-. Determine the total amount paid over the term of the
loan.
- Of the total amount paid, what percentage is paid toward the
principal and what percentage is paid for interest.
a. The monthly payment is what?
(Do not round until the final answer. Then round to the nearest
cent as needed.)
b. The total amount paid over...

Assume you have a balance of 4,800 on your credit card that you
want to pay off. Calculate your monthly payment and total payment
under the given conditions. The credit card APR is 23% and you want
to pay off the balance in 3 years.

Suppose you have accumulated $21,000 in credit card debt. If the
interest rate on the credit card is 24.7% APR compounded monthly,
how many years will it take you to pay off this debt if you pay
$500 per month? (Answer to the nearest tenth of a year)

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