Question
You have a balance of $4,000 on your 2% per month credit card, if you pay $50 at the end of each month, what is
You have a balance of $4,000 on your 2% per month credit card, if you pay $50 at the end of each month, what is your balance at the end of six months?
A. $4,024.65 B. $3,980 C. $4,189.24 D. $3,502.65 E. $3,828.76
3) Answer:
Current balance = $4000 i.e. PV = $4000 Monthly interest rate, r = 2% Monthly payment, PMT = $50 N=6
Compute FV using Calculator. FV = $4189.24
how do you enter this on excel? how do you enter this on a finance calculator(BA II Plus texas instrument)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
