Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

round answer up or down to the nearest number Assume you have a $5,000 balance on a credit card that charges 18% annual interest, and

round answer up or down to the nearest number
image text in transcribed
Assume you have a $5,000 balance on a credit card that charges 18% annual interest, and that you want to pay it off over the next 5 years (round all answers up or down to the nearest dollar and don't use dollar signs): How much do you need to pay each month? How much total interest will you pay over the 5 years? Assume you have a $5,000 balance on a credit card that charges 24% annual interest, and that you want to pay it off over the next 5 years (round all answers up or down to the nearest dollar and don't use dollar signs): How much do you need to pay each month? How much total interest will you pay over the 5 years? Assume you have a $5,000 balance on a credit card that charges 24% annual Interest, and that you want to pay it off over the next 3 years (round all answers up or down to the nearest dollar and don't use dollar signs): How much do you need to pay each month? How much total interest will you pay over the 3 years? Takeaways: It pays to shop around for a lower-interest credit card if you anticipate that you will need to carry a balance (l.e., If you can't pay it off each month). Paying a little more each month to pay off your credit card faster can save a lot in interest. If you have various kinds of debt and you are trying to pay them off, it usually makes sense to try to pay off the highest-interest debt (credit cards) first, by putting any extra money toward paying off that debt while making the minimum payments on everything else

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

Microsoft Excel Data Analysis And Business Modeling

Authors: Wayne Winston

7th Edition

0137613660, 9780137613663

More Books

Students also viewed these Accounting questions