Question

You have $4,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

Answer #1

You have recently charged 1,000 on your credit card. You can
only afford to make the minimum payment of $20 per month. The
interest rate on the credit card is 1.5%per month. How long will
you need to pay off the $1000?
A) 2.25years
B) 5.00 years
C) 7.75 years
I know the answer is C but I don't know how to calculate it. I
want the step of this question.

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)

you have a credit card debt of $5,000. How much should you pay
each month to pay off if your credit card carries an interest rate
of 20.05% and you want to pay off the debt with equal monthly
payments in two years and six months?
A. $129.73
B. $210.56
C. $213.27
D. None of above

Assume that you have a credit card that charges 17%
interest annually with a minimum payment of 2% each month. If you
have a balance of $5,000, you pay the minimum payment each month,
and you make no other purchases with the card, what is your balance
after 1 year? After 2 years? After 5 years?
(Please show every step. No excel work)

.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 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 $1,000 on your credit card and your credit card company
charges 24% annual rate on the money that you owe to it. You
decided to make a payment of $200 each month at the end of the
month. How much money do you still owe to your credit company after
making 2 monthly payments?

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

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