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

Question

1 Approved Answer

we work with compounded monthly so pls give me write answer with explain !! A student makes $5000 worth of purchases with a credit card.

image text in transcribed

we work with compounded monthly so pls give me write answer with explain !!

A student makes $5000 worth of purchases with a credit card. The nominal interest rate on the credit card is 15.3% compounded monthly. What is the monthly payment required to pay this debt off in 6 years? Calculate the payment to the nearest dollar. Your

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

The Oxford Handbook Of Entrepreneurial Finance

The Oxford Handbook Of Entrepreneurial Finance

Authors: Douglas Cumming

1st Edition

ISBN: 0195391241, 978-0195391244

More Books

Students also viewed these Finance questions

Question

★★★★★
Cox Sales experienced the following events during 2010, its first year of operation. 1. Started the business when it acquired $50,000 cash from the issue of common stock. 2. Paid $21,000 cash to...

Answered: 1 week ago

Question

★★★★★
Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Deoro produces two models of dishwashers with the following expected prime costs and...

Answered: 1 week ago

Question

★★★★★
Characterize successful teacherstudent and studentstudent communication through such approaches as empathetic listening, I-messages, and problem solving.

Answered: 1 week ago

Question

★★★★★
Data collected by the Oil Price Information Service from more than 90,000 gasoline and convenience stores throughout the U.S. showed that the average price for a gallon of unleaded gasoline was $3.28...

Answered: 1 week ago

Question

★★★★★
In this research, What is the conceptual Framework ? .Abstract Background: Recent studies have found that moderate-intensity exercise is an effective intervention strategy for preventing falls in...

Answered: 1 week ago

Question

★★★★★
The appropriate discount rate for the following cash flows is 10 percent compounded quarterly. Year Cash Flow 1 $ 730 2 810 3 0 4 1,400 What is the present value of the cash flows?

Answered: 1 week ago

Question

★★★★★
Roak Company and Clay Company are similar firms that operate in the same industry. Clay began operations 2 years ago and Roak started 5 years ago. In the current year, both companies pay 8% interest...

Answered: 1 week ago

Question

★★★★★
Examine the summary of the balance of payments of the United States for 2021. Compute and discuss the balance on the current account and its subaccounts. A Summary of the U.S. Balance of Payments for...

Answered: 1 week ago

Question

★★★★★
2) Share what interested you in taking this course and what you hope to get from taking the course. There have been college-wide discussions regarding concerns with grading in online courses....

Answered: 1 week ago

Question

★★★★★
Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning...

Answered: 1 week ago

Question

★★★★★
Cost of Goods Manufactured Slapshot Company makes ice hockey sticks. During the month of June, the company purchased $127,000 of materials. Also during the month of June, Slapshot Company incurred...

Answered: 1 week ago

Question

★★★★★
Identify the issues that arose over the call- centre strike in 2012. Put forward arguments for both the union and management sides in this issue. Discuss the proposition that the growth of call...

Answered: 1 week ago

Question

★★★★★
Read the articles and case studies on e- learning and blended learning and suggest how these might be used in (a) a supermarket chain, (b) a bank and (c) a government department of your choice.

Answered: 1 week ago

Question

★★★★★
Look up the case in spotlight on the law 9.3. Discuss how you would respond, as a tribunal member, to a claim by a citizen of Leeds that they have been discriminated against because of their location...

Answered: 1 week ago

Previous QuestionNext Question