Question
13) The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and
13)
The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]
| Loan Type | 30-Year Mortgage | 15-Year Mortgage | 5-Year Car Loan | 4-Year Car Loan | Credit Cards |
| October Rate (%) | 3.93 | 3.14 | 4.30 | 4.24 | 13.10 |
| November Rate (%) | 4.09 | 3.31 | 4.31 | 4.26 | 13.10 |
| December Rate (%) | 4.09 | 3.34 | 4.34 | 4.29 | 13.10 |
You currently owe $9000 on your credit card, which charges interest at the October 2015 rate. What is the least you need to pay per month to pay off the card in 5 years? (Round your answer to the nearest cent.)
$
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Financial Statements Analysis Cases From Corporate India
Authors: Sandeep Goel
1st Edition
1138663921, 9781138663923
