A student charges $500 to a credit card. The credit card charges an APR of 21%,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A student charges $500 to a credit card. The credit card charges an APR of 21%, with interest compounded monthly. If the minimum monthly payment is $15, how long would it take to pay the balance if the student pays only $15 per month? A student charges $500 to a credit card. The credit card charges an APR of 21%, with interest compounded monthly. If the minimum monthly payment is $15, how long would it take to pay the balance if the student pays only $15 per month?
Expert Answer:
Answer rating: 100% (QA)
To calculate how long it would take to pay off a 500 credit card balance with an AP... View the full answer
Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
Posted Date:
Students also viewed these finance questions
-
Your activities in this Module 3 Assignment are exploratory and hypothetical only. You should not begin any formal contact with regard to your DNP Project. The DNP project is a translation of...
-
1. What fixed monthly payment is required to pay off a $5000 credit card balance in three years if the interest rate is 21.1% compounded monthly? 2. What is the amount of interest you will pay? 3. If...
-
Amira and her husband, Owen, are both 40 years of age and own a small bungalow in the B secAon of Brossard. They have one daughter, Ellie, born in November of 2015. Amira is the Eastern Canada Sales...
-
trade on the common stock of Taz, Inc. that have a strike price of $ 51.00 and a premium of $ 1.00 . In each of the next four parts, calculate the net profit (or loss) on the option position. Note:...
-
The double pulley shown has a mass of 14 kg and a centroidal radius of gyration of 165 mm. Cylinder A and block B are attached to cords that are wrapped on the pulleys as shown. The coefficient of...
-
On 1 January 20X5, Zan Company purchased 5,000 of the 20,000 outstanding common shares of Woo Computer Corp. (WC) for $120,000 cash. Zan had significant influence as a result of the investment and...
-
Discuss the purpose of the Emergency Medical Treatment and Active Labor Act.
-
Peabody Cruiselines is preparing its statement of cash flows [indirect method) for the year ended March 31, 2016. Consider the following items in preparing the company's statement of cash flows....
-
Weighted Average Shares At the beginning of 2 0 1 9 , Hardin Company had 3 4 0 , 0 0 0 shares of $ 1 0 par common stock outstanding. During the year, it engaged in the following transactions related...
-
Workers used to be able to smoke inside office buildings. Smoking bans were introduced in several areas in the 1990's. Supporters of these bans argue that in addition to elim- inating the externality...
-
A taxpayer uses a vehicle for his sole proprietorship. He purchased the vehicle for $35,000 in Year One and uses it 100% for business. By the end of Year Three he has taken $27,440 in depreciation...
-
1) If given the choice, which situation would you choose for a team of persons to lead, and why? a) All team members are star performers, who consistently perform above expectations b) Less than 50%...
-
discuss the emerging paradigm of circadian regulation in coordinating metabolic rhythms across diverse tissues and how disruptions in circadian homeostasis contribute to the pathogenesis of metabolic...
-
Orange Company produces computers and is trying to determine if it should make or buy its central processing unit (CPU). A vendor currently supplies the CPUs at a price of $190 per unit + $1 for...
-
Erica wants to break into the commercial real estate industry but doesn't have the capital to purchase a commercial office property on her own. She finds a firm experienced in managing office...
-
Today, accountants use accounting information technology to handle many transactions that were once manual and transactional in nature. However, some types of activities that accountants perform...
-
EXAMPLE: A horizontal rope is tied to a 58.0kg box on frictionless ice. What is the tension in the rope if: 1)The box is at rest? Sol: T=0 N 2)The box moves at a steady vx = 6.00m/s ? Sol: T=0 N...
-
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Calculate the percentage rate for each of the following. Original amount 72; new amount 54
-
On April 1, 2021, Faircloud Variety Company deposited $24 000 into a savings account earning simple interest of 1.5%. How much interest was paid to Fairclouds account on June 30, 2021?
-
A 150-day note with interest at 5% is dated June 28, 2022, and has a maturity value of $836.85. Determine the face value of the note.
-
What minimum information must be extracted from a video clip of a moving object in order to quantify the object's motion?
-
Figure P2.4 shows a graph of position versus frame number from a video clip of a moving object. Describe this motion from beginning to end, and state any assumptions you make. Data from Figure P2.4...
-
The sequence in Figure P2.2 represents a ball rolling into a wall and bouncing off of it. The ball is \(10 \mathrm{~mm}\) in diameter. Make a graph showing the distance from the leading edge of the...
Study smarter with the SolutionInn App