Question

One of your customers has just made a purchase in the amount of $21,600. You have...

One of your customers has just made a purchase in the amount of $21,600. You have agreed to payments of $400 per month and will charge a monthly interest rate of 1.2 percent. How many months will it take for the account to be paid off?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
One of your customers has just made a purchase in the amount of 25,600. You have...
One of your customers has just made a purchase in the amount of 25,600. You have agreed to payments of 525 per month and will charge a monthly interest rate of 1.35 percent. How many months will it take for the account to be paid off. 48.76 months 80.07 months 86.23 months 74.74 months 37.72 months
One of your customers has just made a purchase in the amount of $29,600. You have...
One of your customers has just made a purchase in the amount of $29,600. You have agreed to payments of $650 per month and will charge a monthly interest rate of 1.5 percent. How many months will it take for the account to be paid off? Multiple Choice 83.12 months 72.03 months 34.97 months 45.54 months 77.18 months
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a...
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $680 per month. You will charge 1.4% per month interest on the overdue balance. If the current balance is $17,800, how long will it take for the account to be paid off? (Do not round intermediate calculations. Ensure to round up the final answer to the nearest whole number.) Months for account to be paid off _______ months.
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a...
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $560 per month. You will charge .96 percent per month interest on the overdue balance. If the current balance is $14,780, how long will it take for the account to be paid off?
One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a...
One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.40 percent per month interest on the overdue balance. If the current balance is $13,000 how long will it take for the account to be paid off?
You have just received an offer in the mail from Friendly Loans. The company is offering...
You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $3,250 with low monthly payments of $75 per month. If the interest rate on the loan is an APR of 14.9 percent compounded monthly, how long will it take for you to pay off the loan? Multiple Choice 67.40 months 62.58 months 43.33 months 14.47 months 58.41 months
purchase of your first home for $600,000. You have just purchased the house and have put...
purchase of your first home for $600,000. You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount.  The 15-year fixed rate loan has an Annual Percentage Rate (APR) of 3.875%.   You will make monthly payments for the life of the loan. Question 12 related to your purchase of your first home for $600,000. You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount.  The 15-year...
You have just won the Life’s Downhill after 30TM lottery. The lottery payments will be made...
You have just won the Life’s Downhill after 30TM lottery. The lottery payments will be made for the next 30 years. The payments are slightly unusual in that you will be paid $500,000 every six months starting six months from today for a total of 60 payments. You will also receive $1,200,000 every nine months starting nine months from today for a total of 40 payments. When the payments coincide, for example 18 months from today, you will receive both...
6. Assume you have an option to purchase an investment that will provide a cash payment...
6. Assume you have an option to purchase an investment that will provide a cash payment of $20,000 in 10 years. If you believe the appropriate rate of return is 12% compounded semiannually, how much should you pay for this today? 7. You plan on making monthly payments of $50 to pay off a credit card that you just charged $1,000 to. If the interest rate is 24% compounded monthly, how many months will it take you to pay off...
You have a credit card with a balance of $10,300 and an APR of 16.9 percent...
You have a credit card with a balance of $10,300 and an APR of 16.9 percent compounded monthly. You have been making monthly payments of $205 per month, but you have received a substantial raise and will increase your monthly payments to $255 per month. How many months quicker will you be able to pay off the account? 23.80 months 27.77 months 25.92 months 9.85 months 24.99 months