Question

You owe $10,000 on a credit card with an interest rate of 15%, which is compounded...

You owe $10,000 on a credit card with an interest rate of 15%, which is compounded monthly. If you make payments of $1,000 per month, how many months will it take you to pay off your debt? (Enter the answer to 2 decimal places)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose you have accumulated $21,000 in credit card debt. If the interest rate on the credit...
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)
Suppose you have accumulated $21,000 in credit card debt. If the interest rate on the credit...
Suppose you have accumulated $21,000 in credit card debt. If the interest rate on the credit card is 24.2% 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)
Suppose you have accumulated $20,000 in credit card debt. If the interest rate on the credit...
Suppose you have accumulated $20,000 in credit card debt. If the interest rate on the credit card is 20.1% 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)
You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you...
You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 24% annual interest, compounded monthly. If you make the minimum payments of $25 per month, how long (in years) will it take to pay off your balance?
You have a balance of $22,800 on your current credit card. The interest rate charged by...
You have a balance of $22,800 on your current credit card. The interest rate charged by this credit card is 19.8 percent compounded monthly. You plan to make monthly payment of $450. You just got an offer from another credit card to transfer your entire balance to the new card. The new credit card charges interest rate of 4.8 percent compounded monthly. By how many months will you shorten the length of time it will take you to pay off...
Simon recently received a credit card with a 15% nominal interest rate. With the card, he...
Simon recently received a credit card with a 15% nominal interest rate. With the card, he purchased an Apple iPhone 7 for $373.15. The minimum payment on the card is only $10 per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest whole number. ______ month(s) If Simon makes monthly payments of $35,...
You charged $2,000 on your credit card for a trip during Spring break. Your credit card...
You charged $2,000 on your credit card for a trip during Spring break. Your credit card company charges you 22% annual interest, compounded monthly. If you make the minimum payments of $50 per month, how long will it take ( to the nearest month) to pay off your balance? Answer choices: A. 81 months B. 73 months C. 70 months D.79 months
Suppose the interest rate on your credit card is 16% compounded quarterly and you currently owe...
Suppose the interest rate on your credit card is 16% compounded quarterly and you currently owe $2000 on it. If you don’t make any payments for 3 years, how much will you owe in 3 years? Question 11 options: 3152-3162 3162-3172 3172-3182 3182-3192 None of the above
You charged $4200 on your credit card for holiday gifts. Your credit card company charges you...
You charged $4200 on your credit card for holiday gifts. Your credit card company charges you 8% annual interest, compounded monthly. If you make the minimum payments of $65 per month, how long will it take (to the nearest month) to pay off your balance?
Today, you borrowed $9,800 on your credit card to purchase some furniture. The interest rate is...
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?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT