FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The annual interest rate on a credit card is 13.99%. If the minimum payment of $30 is made each month, how many months will it

image text in transcribed

The annual interest rate on a credit card is 13.99%. If the minimum payment of $30 is made each month, how many months will it take to pay off an unpaid balance of $815.61? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)

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

Entrepreneurial Finance Strategy, Valuation, And Deal Structure

Entrepreneurial Finance Strategy, Valuation, And Deal Structure

Authors: Janet Smith, Richard Smith, Richard Bliss

1st Edition

0804770913, 9780804770910

More Books

Students also viewed these Finance questions

Question

★★★★★
Mrs. Laval was a patient of Dr. Leopold, a practicing psychiatrist. Dr. Leopold shared an office with two associates practicing in the same field. No receptionist or other employee attended the...

Answered: 1 week ago

Question

★★★★★
The following financial statements for Blackstone plc are a slightly simplified set of published accounts. Blackstone plc is an engineering business that developed a new range of products in 2005....

Answered: 1 week ago

Question

★★★★★
Let ????1, ????2 be two constants with 0 ????1, ????2 1 and define the probability function f (x) by the formula f (x) = ????1f1(x) + ????2f2(x), x = 0, 1, 2, Find the condition that must be...

Answered: 1 week ago

Question

★★★★★
An air-ambulance service in Colorado is interested in keeping its helicopter in a central location that would minimize the flight distance to four major ski resorts. An X-Y grid was laid over a map...

Answered: 1 week ago

Question

★★★★★
Given the current and expected short-term interest rates for the coming years and the corresponding liquidity premiums are as follows: 1R1=5.99% E(1)=5.95%L2=0.08% E(r1)=5.90%L3=0.10%...

Answered: 1 week ago

Question

★★★★★
Windsor, Inc. reported net income of $197,600 for 2022 . Windsor also reported depreciation expense of $43,800 and a loss of $5,200 on the disposal of plant assets. The comparative balance sheets...

Answered: 1 week ago

Question

★★★★★
TASK #3 Determine the veritcal stress increase at point A. Line load 110 kN/m Line load 440 kN/m. 6 m -3 m A 4 m

Answered: 1 week ago

Question

★★★★★
2. Due to a weak connection, there is a break in the circuit (shown below) between points a and b. If R1 = 5.23 0, R2 = 2.29 0, and R3 = 16.2 0, and the two batteries &1 and &2 have voltages of 22.0...

Answered: 1 week ago

Question

★★★★★
Need answer to part 2 Unit & Lab Quiz E Question 5 of 12 (1 point) | Question Attempt: 1 of 1 Time Remaining: 1:21:14 Alexandra V Mail Delivery A local postal carrier distributes first-class letters,...

Answered: 1 week ago

Question

★★★★★
Contact (by phone, email or in person), an independently owned (not a chain-affiliated) restaurant or food-service operation that you would like to learn about. Ask permission to interview the owner,...

Answered: 1 week ago

Question

★★★★★
(b) An adiabatic steam turbine operates at steady conditions with inlet steam at 500C and 2 MPa. The outlet state is at 10 kPa and quality, x=0.95. i) Determine the quality of the steam at the outlet...

Answered: 1 week ago

Question

★★★★★
LO3 Describe the purpose of equity legislation.

Answered: 1 week ago

Question

★★★★★
LO4 Describe the purpose of privacy legislation.

Answered: 1 week ago

Question

★★★★★
LO2 List the groups who are protected from discrimination under the Canadian Human Rights Act .

Answered: 1 week ago

Previous Question Next Question