Question
The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]
The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]
| Loan Type | 30-Year Mortgage | 15-Year Mortgage | 5-Year Car Loan | 4-Year Car Loan | Credit Cards |
|---|---|---|---|---|---|
| October Rate (%) | 3.93 | 3.14 | 4.30 | 4.24 | 13.10 |
| November Rate (%) | 4.09 | 3.31 | 4.31 | 4.26 | 13.10 |
| December Rate (%) | 4.09 | 3.34 | 4.34 | 4.29 | 13.10 |
You currently owe $7000 on your credit card, which charges interest at the October 2015 rate. What is the least you need to pay per month to pay off the card in 14 years? (Round your answer to the nearest cent.)
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Introduction To Health Care Management
Authors: Sharon B. Buchbinder, Nancy H. Shanks
3rd Edition
9781284081015
