Your credit card has an effective monthly interest rate of 1%. If the balance on your credit
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Question:
Your credit card has an effective monthly interest rate of 1%. If the balance on your credit card is $3,000 and you make monthly payments of $400, how many months until you pay off the balance?
Assume that a year from now you will begin receiving an annual payment that will grow at 2.75% for the next 9 years. The first payment will be in the amount of $9,000. If the appropriate discount rate is 5.5%.
What is the current value of these annual payments?
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Posted Date: