Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 16 3 pts You currently have a credit card with a balance of $15,000 dollars. Assuming that you wish to pay off the credit
Question 16 3 pts You currently have a credit card with a balance of $15,000 dollars. Assuming that you wish to pay off the credit card in 7 years and the stated interest rate the credit card company charges is 18.00%, how much will your monthly payments have to be? Note: Report your answer rounded to two decimal places. Question 17 3 pts Suppose you find out that you just got a raise at work. As such, you can now afford to pay $400 per month to the credit card company. Assuming the exact same interest rate and starting balance from Question 16, how long will it take you to pay off your credit card now? Note: Enter your answer as the number of years rounded to two decimal places. Note: The interest rate from Question 16 is 18.00% and the starting balance is $15,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started