Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose a credit card was used to make a $ 1 2 , 7 2 0 purchase at 1 5 . 5 % interest with

Suppose a credit card was used to make a $12,720 purchase at 15.5% interest with a monthly payment of $289. Complete the following.
(a) Calculate the time it will take to pay off the debt making only the given payment each month.
(b) Calculate the total interest paid.
(c) Find the amount of money saved over the lifetime of the debt if twice the amount of the given monthly payment is paid each month.
(a) If only the given payment is made each month, it will take payments to pay off the debt.
(Round up to the nearest integer as needed.)
image text in transcribed

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

Financial Modeling Using Excel And VBA

Authors: Chandan Sengupta

1st Edition

0471267686, 978-0471267683

More Books

Students also viewed these Finance questions

Question

explain " label in L , edge in E such that l ( edge ) = label"

Answered: 1 week ago