Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Recently you made multiple large purchases on your credit card totaling $11,025.00. The interest rate on your credit card is 14.3% per year compounded monthly,

Recently you made multiple large purchases on your credit card totaling $11,025.00. The interest rate on your credit card is 14.3% per year compounded monthly, and your statement says your minimum payment is $325 per month. How many minimum payments will you need to make to pay off your purchases assuming you cut up your credit card and do not make any more additional purchases. You will need how many minimum payments? How much total interest will you pay by making the minimum monthly payment? Total interest=?

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

International Finance Transactions Policy And Regulation

Authors: Hal Scott, Anna Gelpern

21st Edition

1634602048, 978-1634602044

More Books

Students also viewed these Finance questions

Question

3. Vary your pace and volume in speaking. Use silence for emphasis.

Answered: 1 week ago

Question

=+Does it present new cocktails or review restaurants?

Answered: 1 week ago

Question

=+Is the message on-strategy?

Answered: 1 week ago