Question

Donald's accountant told him that if he continues to pay $55 a
month on his credit card, it will take him 41 years to pay off his
current balance (assuming his interest rate doesn't change and
assuming he doesn't charge anything else on that card). His credit
card interest rate is 18.55%. What is his current credit card
balance?

Answer #1

Emilio’s accountant told him that if he continues to pay $50 a
month on his credit card, it will take him 42 years to pay off his
current balance (assuming the interest rate doesn’t change, and
assuming he doesn’t charge anything else on that card). His credit
card interest rate is 18.99% What is his balance?

Joey realizes that he has charged too much on his credit card
and has racked up $6,000 in debt. If he can pay $400 each month and
the card charges 22 percent APR (compounded monthly), how long will
it take him to pay off the debt assuming no new purchases are made
on the card? (Show answers in months)

Today, you borrowed $9,800 on your credit card to purchase some
furniture. The interest rate is 12.6 percent, compounded monthlyHow
long will it take you to pay off this debt assuming that you do not
charge anything else and make regular monthly payments of $130?

You have $4,500 on a credit card that charges a 21% interest
rate. If you want to pay off the credit card in 5 years, how much
will you need to pay each month (assuming you don't charge anything
new to the card)?

Joey realizes that he has charged too much on his credit card
and has racked up $5,600 in debt. If he can pay $150 each month and
the card charges 12 percent APR (compounded monthly), how long will
it take him to pay off the debt? (Do not round intermediate
calculations and round your final answer to 2 decimal places.)

b. Let’s say Daryl treats his friends several times during the
month and accumulates a debt of $727.56 on his credit card. His
credit card and has an interest rate of 20.99%. If he makes
payments of $30 per month how long it take him to pay for this
generosity which his friends appreciate but he can’t currently
afford?

Question A2 Simon recently received a credit card with an 15%
nominal interest rate. With the card, he purchased a new notebook
for $9,888. The minimum payment on his credit card is only $200 per
month.
If Simon makes the minimum monthly payment and makes no other
charges, advice Simon the number of months it will be for him to
pay off the credit card balance.
Round to the nearest month. (Total 6 marks)

Jarius needs to pay down his credit card which he has accrued
$21,500 of debt on at an APR of 19.99%. Calculate his first 5
payments if he plans on paying 4% of his total balance each
month.

Some students have credit cards that carry an interest rate of
“APR 24% per year” When the balance on such a card is $5000, the
minimum payment is $110.25.
(a) What is the amount of interest in the first payment?
(b) How long will it take, in months, to pay off the balance, if
the cardholder continues to make payments of $110.25 per month and
adds no other charges to the card?

Upon reading your most recent credit card statement, you are
shocked to learn that the balance owed on your purchases is $4,000.
Resolving to get out of debt once and for all, you decide not to
charge any more purchases and to make regular monthly payments
until the balance is zero. Assuming that the bank’s credit card
annual interest rate is 19.5 percent and the most you can afford to
pay each month is $350, how long will it take...

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