Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 05, 2024

suppose that on January 1 you have a balance of $58,000 on a credit card whose APR is 21%, which you want to pay off

suppose that on January 1 you have a balance of $58,000 on a credit card whose APR is 21%, which you want to pay off in 5 years. Assume that you make no additional charges to the card after January 1.

a. Calculate tour monthly payments b. When the card is paid off, how much will you have paid since January 1. c. What percentage of your total payment (part b) is interest?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

a. A group of researchers were interested in comparing salt intake among four Cana- dian provinces. Five people were randomly selected from each of the four provinces and their sodium intake was...

Answered: 1 week ago

Question

★★★★★

On July 31, 2017, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico. Conchita reported the following balance sheet at the...

Answered: 1 week ago

Question

★★★★★

If you deposit $1,000 into a certificate of deposit that quotes you a 0.55% APY, how much will you have at the end of 1 year? $1,050.00 $1,055.00 $1,550.00 $1,005,50 None of the above

Answered: 1 week ago

Question

★★★★★

9. Samsung sells their 42-inch television to retailers for $600 less discounts of 25% and 14.6% (a) Calculate the retailers cost (b) How much is the second discount (in dollars)? (c) A retailer sells...

Answered: 1 week ago

Question

★★★★★

Required information [The following information applies to the questions displayed below.] Damarcus is a 50 percent owner of Rockit (a business entity). In the current year, Rockit reported a...

Answered: 1 week ago

Question

★★★★★

Question 9 0.5 Points Determining if the development of a new business process meets all state and federal requirements would typically be part of a (A) Specifications document B) Charter (C) Minimal...

Answered: 1 week ago

Question

★★★★★

2. In considering audience, one must think about (check all that apply) Who will use the information directly Who may dislike or resist the information and how to soothe that Who will file the...

Answered: 1 week ago

Question

★★★★★

Economic order quantity (Q*) is 2,000 units. Annual demand (D) is 12,000 units. Find number of orders per year (N*) and time between orders (T*) in weeks. ON-6 times per year, T*= 8.67 weeks ON-6...

Answered: 1 week ago

Question

★★★★★

Crane Manufacturing Ltd. has the following cost and production data for the month of November. Conversion costs are incurred uniformly throughout the process. Units in beginning work in process...

Answered: 1 week ago

Previous Question Next Question