Homework:Unit 6 Lab Assignment

Question 4, P6-39 (similar to)

Part 1 of 2

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Part 1

(Annuity payments) Calvin Johnson has a

$4,500

debt balance on his Visa card that charges

16.1

percent APR compounded monthly. In 2009, Calvin's minimum monthly payment is

3

percent of his debt balance, which is

$135.

How many months (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of

$135

at the end of each month? In 2010, as the result of a federal mandate, the minimum monthly payment on credit cards rose to

4

percent. If Calvin made monthly payments of

$180

at the end of each month, how long would it take to pay off his credit card?

a.If Calvin made monthly payments of

$135

at the end of each month, how long would it take to pay off his credit card???

enter your response here

months(Round up to the nearest unit.)

b. ???

C.??

**please post calcualtions