Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

You have 3 attempts remaining, Recently, you made multiple large purchases on your credit card totaling $18,025. The interest rate on your credit card is

image text in transcribed
You have 3 attempts remaining, Recently, you made multiple large purchases on your credit card totaling $18,025. The interest rate on your credit card is 15.6% per year, compounded monthly, and your statement says your minimum payment is $360 per month. a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? You will need 81 minimum payments. b. How much total interest will you pay by making the mini im monthly payment? Total interest = $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Finance questions

Question

b. What is the persons job title?

Answered: 1 week ago

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago