Question

Assume that you have a balance of $5300 on your Discover credit card and that you...

Assume that you have a balance of $5300 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2% of the balance.

Find how many months it will take to bring the remaining balance down to $2500. (Round your answer to the nearest whole number.)

Math   Algebra   
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
You have an unpaid balance of $350, on your credit card. You stop making additional purchases...
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? $  
you have a balance on your credit card of $2,500. the apr for the credit card...
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.
.Assume you have a balance of $6,400 on your credit card that you want to pay...
.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.
Your credit card charges an APR of 29% on your balance. Interest is compounded on a...
Your credit card charges an APR of 29% on your balance. Interest is compounded on a daily basis, 365 days a year. If you made the minimum payment of $150 per month on your credit card balance, how long will it take you to pay off a $5,000 balance? Multiple Choice 6.61 years 35.73 years 2.98 years 5.82 years 9.56 yearsYour credit card charges an APR of 29% on your balance. Interest is compounded on a daily basis, 365 days...
You have a credit card with an APR of 20%. You begin with a balance of...
You have a credit card with an APR of 20%. You begin with a balance of $750. In the first month you make a payment of $550 and you make charges amounting to $400. In the second month you make a payment of $400 and you make new charges of $550. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $750 $ $ $ $ Month 2 $...
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
assume you have a balance of $3200 on your credit card you want to pay off....
assume you have a balance of $3200 on your credit card you want to pay off. calculate your monthly payment and total payment under the given conditions. assume uou makw no additional charges to the card. the credit card apr is 19% and you want to pay off the balance in 2 years
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...
You have a credit card with an APR of 12%. You begin with a balance of...
You have a credit card with an APR of 12%. You begin with a balance of $300, in response to which you make a payment of $75. The first month you make charges amounting to $65. You make a payment of $75 to reduce the new balance, and the second month you charge $75. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $300.00 $ $ $ $...
You have a credit card with an APR of 12%. You begin with a balance of...
You have a credit card with an APR of 12%. You begin with a balance of $200, in response to which you make a payment of $100. The first month you make charges amounting to $50. You make a payment of $100 to reduce the new balance, and the second month you charge $55. Complete the following table. (Round your answers to the nearest cent.) Previous balance Payments Purchases Finance charge New balance Month 1 $200.00 $ $ $ $...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT