Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how he find 8 months 1. The first with AussieBank. It has a current balance of $1,500 and is incurring interest of 20.95%. 2. The

image text in transcribed

image text in transcribed

how he find 8 months

1. The first with AussieBank. It has a current balance of $1,500 and is incurring interest of 20.95%. 2. The second credit card is with New Zealand and Australia Bank and has a balance of $10,500. It is also incurring interest at 20.95%. Both credit cards are being repaid at the minimum rate. The couple bought a house 5 years ago and are paying down a mortgage which is \begin{tabular}{|r|r|r|r|} \hline Interest rate (monthly) & period (months) & Monthly installment & Total installment \\ \hline 1.75% & 8 & 202.53 & 1,620.22 \\ \hline 1.75% & 8 & 1,417.69 & 11,341.56 \\ \hline & & 1,620.22 & 12,961.78 \\ \hline \end{tabular} 1. The first with AussieBank. It has a current balance of $1,500 and is incurring interest of 20.95%. 2. The second credit card is with New Zealand and Australia Bank and has a balance of $10,500. It is also incurring interest at 20.95%. Both credit cards are being repaid at the minimum rate. The couple bought a house 5 years ago and are paying down a mortgage which is \begin{tabular}{|r|r|r|r|} \hline Interest rate (monthly) & period (months) & Monthly installment & Total installment \\ \hline 1.75% & 8 & 202.53 & 1,620.22 \\ \hline 1.75% & 8 & 1,417.69 & 11,341.56 \\ \hline & & 1,620.22 & 12,961.78 \\ \hline \end{tabular}

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

How Finance Works

Authors: Mihir Desai

1st Edition

1633696707, 978-1633696709

More Books

Students also viewed these Finance questions

Question

5. List the forces that shape a groups decisions

Answered: 1 week ago

Question

4. Identify how culture affects appropriate leadership behavior

Answered: 1 week ago