Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. (5 points, payment for credit card): What would be your monthly payment (in $) if you want to pay off your credit card outstanding

image text in transcribed

1. (5 points, payment for credit card): What would be your monthly payment (in $) if you want to pay off your credit card outstanding balance in 18 months? Assume your APR is 6% and your outstanding balance is $1,825. 2. (5 points, payment for student loan): What would be your monthly payment (in $) if you want to pay off your student loan outstanding balance in 4 years? Assume your APR is 3% and your outstanding balance is $30,000. (Hint: don't forget to convert 4 years to months.) 3. (5 points, number of months to pay off credit card balance): How many months would it take to pay off your credit card outstanding balance if your APR is 12% and your outstanding balance is $2,350? Assume you make a payment each month of $300. 4. (5 points, number of months to pay off student loan balance): How many months would it take to pay off your student loan outstanding balance if your APR is 4% and your outstanding balance is $8,500? Assume you make a payment each month of $200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Globalization Gating And Risk Finance

Authors: Unurjargal Nyambuu, Charles S. Tapiero

1st Edition

1119252652, 978-1119252658

More Books

Students also viewed these Finance questions

Question

1. What are the pros and cons of diversity for an organisation?

Answered: 1 week ago

Question

1. Explain the concept of diversity and equality in the workplace.

Answered: 1 week ago