Simon recently received a credit card with an 25.25% nominal interest rate. With the card, he purchased

Fantastic news! We've Found the answer you've been seeking!

Question:

Simon recently received a credit card with an 25.25% nominal interest rate. With the card, he purchased an Apple iPhone 6 for $401.71. The minimum payment on the card is only $10 per month.

a) If Layla 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 Layla makes monthly payments of $35, how many months will it be before he pays off the debt? Round to the nearest month.

Using formula if possible

Posted Date: Jul 11, 2024 12:12 AM

See More Questions

Suppose you identify a person who is responding negatively (even evidencing anger) to an organizational change. Should you intervene, or leave the person alone to cope with and adapt to the change in...
You are working as a Road Design Engineer for Vic Roads. Your Team Leader asks you to combine both horizontal and vertical alignment. If the length of a vertical sag curve is 260 m, how much should...
give a summary of this companys earning call
The details of the siphon are as follows: The tank is filled with oil (sg equals 0.86) with a vent at the top. The siphon tube (50 mm O D times 1.5 mm wall) is vertical on the right side of the tank...
Q Proprietorinc (the lessee) enters into a 10 year lease of a property with an option to extend the contract for 5 years. Lease payments are $50,000 per year, payable at the beginning of each year....
1.Think about your investment Possibility for 3 years holding period in real investment environment? A.What could be your investment objectives? B. What amount of fund you could invest for three...
3- The student council normally sells 1500 school T-shirts for $12 each. This year they plan to decrease the price of the T-shirts. Based on student feedback, they know that for every $0.50 decrease...
2. The notation {f(x): x S} means "the set of all values that can be produced by substituting an element x of set S into f(x)." For example, the set of all odd integers can be expressed as {2k+1kZ}....
Implementation guidance for IFRS 2 indicates that it "accompanies, but is not part of, IFRS 2." In other words, this implementation guidance is considered mandatory. integral to the standard. not...

Simon recently received a credit card with an 25.25% nominal interest rate. With the card, he purchased

Question:

Expert Answer:

Students also viewed these finance questions