Question

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.)

Answer #1

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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)

Phoebe realizes that she has charged too much on her credit card
and has racked up $5,500 in debt. If she can pay $250 each month
and the card charges 12 percent APR (compounded monthly), how long
will it take her to pay off the debt? Time to pay off debt: ___
months

10. Joey found out that he shopped at Aggieland Outfitters so
much that he racked up $6,000 in debt. If he can pay $100 each
month and the card charges 23 percent APR (compounded monthly), he
can pay off the debt (assuming no more charges): True or false?
Group of answer choices
A. True
B. False

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 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?

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 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 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 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)

Simon recently received a credit card with an 18% nominal
interest rate. With the card, he purchased an Apple iPhone 5 for
$360. The minimum payment on the card is only $20 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 month.
month(s)
If Simon makes monthly payments of $60, how many...

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