Question

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 you to pay off your debt?

Answer #1

**Hence, 12.75 or 13 months will take to payoff the
loan.**

**Please rate Thumbs up**

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...

You have a $10000 balance on your credit card, which charges 1%
per month. If you can afford to pay $100 per month, how many months
will it take to pay the credit card in full?

you
have a balance on your credit card of $2,500. the apr for the
credit card is 22.5%. in the first month you have a payment of $400
and make purchases of $600 using the card. in the second month, you
make a payment of $500 to refuce the new balance and you also make
purchases of $300 using the card. what is the new balance for
months 1 and 2.

You have an unpaid balance of $350, on your credit card. You
stop making additional purchases with the card and make minimum
payments for 10 months. If the credit card company charges 21% APR
and requires minimum payments of 4%, what is your remaining balance
at the end of the tenth month?
$ 276.77
What are your total payments in those ten months?
$

The previous statement for your credit card had a balance of
$530. You make purchases of $160 and make a payment of $60. The
credit card has an APR of 23%. What is the finance charge for this
month? (Round your answer to the nearest cent.)
$

You spent $2,013 on Christmas gifts and put the purchases on
your credit card. Your credit card has a 14.57% APR compounded
monthly. If you want to pay off your credit card balance in 24
months, the first payment next month, how big are the monthly
payments? Calculate your answer to two decimal places (e.g.
55.93)

You spent $2,588 on Christmas gifts and put the purchases on
your credit card. Your credit
card has a 16.84% APR compounded monthly. If you want to pay off
your credit card balance
in 15 months, the first payment next month, how big are the
monthly payments?
Calculate your answer to two decimal places (e.g. 55.93)

.Assume you have a balance of $6,400 on your credit card that
you want to pay off. Calculate your monthly payment and total
payment under the given conditions. Assume you make no additional
charges to the card. 2) The credit card APR is 24 % and you want to
pay off the balance in 3 years.

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.

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...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 1 minute ago

asked 11 minutes ago

asked 26 minutes ago

asked 40 minutes ago

asked 50 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago