Question
You have a $10,000 balance on your credit card, and you want to pay it off in equal semiannual (every 6 months) payments for 5
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You have a $10,000 balance on your credit card, and you want to pay it off in equal semiannual (every 6 months) payments for 5 years. If the card has an 11% APR and compounds monthly, answer the following questions:
a) What is the effective semiannual interest rate?
b) How much do you pay every six months?
c) How much total interest will you pay by the time you've paid off the card?
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Personal Financial Planning For Executives And Entrepreneurs
Authors: Michael J. Nathanson, Jeffrey T. Craig, Jennifer A. Geoghegan, Nadine Gordon Lee, Michael A. Haber, Seth P. Hieken, Matthew C. Ilteris, D. Scott McDonald, Joseph A. Salvati, Stephen R. Stelljes
1st Edition
3030405273, 978-3030405274
