Question

Edgar accumulated $5,000 in credit card debt. If the interest rate is 20% per year, and he does not make any payments for 3 years, how much will he owe (in dollars) on this debt in 3 years by each method of compounding? (Simplify your answers completely. Round your answers to the nearest cent.) (a) compound quarterly $ (b) compound monthly $ (c) compound continuously $

Answer #1

I hope this helped.

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 20% nominal
interest rate. With the card, he purchased an Apple iPhone 5 for
$500. 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...

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...

Simon recently received a credit card with an 13% nominal
interest rate. With the card, he purchased an Apple iPhone 5 for
$480. The minimum payment on the card is only $10 per month.
a. 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.
b. If Simon makes monthly payments of $30, how...

Simon recently received a credit card with an 16% nominal
interest rate. With the card, he purchased an Apple iPhone 5 for
$300. 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 month.
month(s)
If Simon makes monthly payments of $30, how many...

Simon recently received a credit card with an 18% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$420.00. 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 $30, how...

Simon recently received a credit card with an 18% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$400.00. 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 whole number.
month(s)
If Simon makes monthly payments of $60, how...

Simon recently received a credit card with an 18% nominal
interest rate. With the card, he purchased an Apple iPhone 7 for
$378.42. 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 whole number.
____ month(s)
If Simon makes monthly payments of $65,...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 4 minutes ago

asked 25 minutes ago

asked 33 minutes ago

asked 36 minutes ago

asked 36 minutes ago

asked 44 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago