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please solve a-f with work shown a) Will credit cards help? The average undergraduat Ident leaves college with a diploma and around $2750 in credit
please solve a-f with work shown
a) Will credit cards help? The average undergraduat Ident leaves college with a diploma and around $2750 in credit card debt (graduate students, +-d00). Suppose you have a credit card with a balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount of interest due each month is figured as current balance nr, where r is the rate (decimal form) and n is 12. Fill in the table, making minimum payments. c) Will you ever be out of debt with the credit card company? Explain. (Hint: Use the Present value formula and solve for n ). Calculation: e) viII you ever be out of debt? Explain. Calculation: Name: f) How much must you pay per month to be out of debt in two years? Calculation Step by Step Solution
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