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Simon recently received a credit card with an 23.5% nominal interest rate. With the card, he purchased an Apple iPhone 6 for 394.71. The minimum
Simon recently received a credit card with an 23.5% nominal interest rate. With the card, he purchased an Apple iPhone 6 for 394.71. The minimum payment the card is only 10 per month . a) if Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round to the nearest month. b) If simon makes monthly payments of $35, how many months will it be before he pays off the debt? Round to the nearest month c) How much more in total payments will Simon make under the $10-a month plan than under the $35 a month plan? Make sure you use three decimal places for N. *By using financial calculator method please
Simon recently received a credit card with an 23.5% nominal interest rate. With the card, he purchased an Apple iPhone 6 for 394.71. The minimum payment the card is only 10 per month .
a) if Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round to the nearest month.
b) If simon makes monthly payments of $35, how many months will it be before he pays off the debt? Round to the nearest month
c) How much more in total payments will Simon make under the $10-a month plan than under the $35 a month plan? Make sure you use three decimal places for N.
*By using financial calculator method please
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