Question: how long will it take for him to pay off the credit card assuming that he makes no additional charges? Multiple Choice 1 1 .

how long will it take for him to pay off the credit card assuming that he makes no additional charges?
Multiple Choice
11.42 months
Thom owes $7,400 on his credit card. The credit card carries an APR of 18.5 percent compounded monthly. If Thom makes payments of $230 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges?
Multiple Choice
how long will it take for him to pay off the

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Need help understanding the entires on a financial calculator Thom owes $7,200 on his credit card. The credit card carries an APR of18.4 percent compounded monthly. If Thom makes monthly payments of...

Q:

Todd can afford to pay $320 per month for the next 5 years in order to purchase a new car. The interest rate is 5.4 percent compounded monthly. What is the most he can afford to pay for a new car...

Q:

Thom owes $4,000 on his credit card. The credit card carries an APR of 16.8 percent compounded monthly. If Thom makes monthly payments of $100 per month, how long will it take for him to pay off the...

Q:

Thom owes $ 7 , 6 0 0 on his credit card. The credit card carries an APR of 1 8 . 6 percent compounded monthly. If Thom makes payments of $ 2 3 5 per month, how long will it take for him to pay off...

Q:

Thom owes $ 8 , 0 0 0 on his credit card. The credit card carries an APR of 1 8 . 8 percent compounded monthly. If Thom makes payments of $ 2 4 5 per month, how long will it take for him to pay off...

Q:

Thom owes $7,000 on his credit card. The credit card carries an APR of 18.3 percent compounded monthly. If Thom makes monthly payments of $220 per month, how long will it take for him to pay off the...

Q:

MC algo 6-36 Calculating Annuity Periods 6 Thom owes $8,000 on his credit card. The credit card carries an APR of 18.8 percent compounded monthly. If Thom makes monthly payments of $245 per month,...

Q:

Thom owes $5,800 on his credit card. The credit card carries an APR of 17.7 percent compounded monthly. If Thom makes monthly payments of $190 per month, how long will it take for him to pay off the...

Q:

Thom owes $ 7 , 6 0 0 on his credit card. The credit card carries an APR of 1 8 . 6 percent compounded monthly. If Thom makes payments of $ 2 3 5 per month, how long will it take for him to pay off...

Q:

Thom owes $7,200 on his credit card. The credit card carries an APR of 18.4 percent compounded monthly. If Thom makes monthly payments of $225 per month, how long will it take for him to pay off the...

Q:

You won$100000 in alottery and you want to set some of that sum aside for 10 years. After 10 years,you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings...

Q:

Consider the following facts: Water freezes spontaneously at 25C and 1 atm, and ice has a more ordered structure than liquid water. Explain how a spontaneous process can lead to a decrease in entropy.

Q:

Roboadvising refers to: contracts that are automatically settled using technology ( like a blockchain ) without ( much ) human intervention fintech advancement in insurance industry personal advising...

Q:

Who was the founder of the McKinsey 7 S Model ( Strategy , Structure, Systems, Shared values, Style, Staff, Skills ) ? Explain each component.

Q:

What factor(s) in this ethics dilemma might influence a person to make a less than ethical decision?

Q:

What is meant by the statement With team design, there are no narrow jobs?

Q:

Why is competency modeling an important practice? Define each of the following: a. job design b. job enrichment c. job enlargement d. job rotation e. reengineering