Question

Edgar accumulated $5,000 in credit card debt. If the interest rate is 20% per year, and...

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 $

Math   Algebra   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

I hope this helped.

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
Suppose you have accumulated $21,000 in credit card debt. If the interest rate on the credit...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT