Question: how much does it really cost? (continued) Marle just used her new credit card to buy a bike for $400. Her budget allows her

how much does it really cost? (continued) Marle just used her new credit card to buy a bike for $400. Her budget allows her to pay no more than $25 each month on her credit card. Marie has decided not to use the credit card again until the bike is paid off. The credit card she used has an Annual Percentage Rate of 21%. If Marle pays $25 each month on her credit card: 13. How long will it take Marie to pay for the bike? 14. What is the total amount Marie will end up paying for the bike? 15. How much interest will Marie pay for using her credit card to buy the bike? If Marle pays the minimum payment of $14 each month: 16. How long will it take Marie to pay for the bike? 17. What is the total amount Marie will end up paying for the bike? 18. How much interest will Marie pay for using her credit card to buy the bike? Gary has just used his credit card to buy a new watch. He got the watch on sale for $235. The regular price was $290. He used a credit card that has an Annual Percentage Rate of 20%. If Gary makes the minimum monthly payment each month of $10: 19. How much will Gary end up paying for his new watch? 20. How long will it take Gary to pay for his watch? 21. What is the total amount of interest Gary will end up paying? If Gary pays $25 each month, instead of the minimum monthly payment of $10 each month: 22. How much will Gary end up paying for his new watch? 23. How long will it take Gary to pay for his watch? 24. What is the total amount of interest Gary will end up paying?

Step by Step Solution

★★★★★

3.45 Rating (152 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The detailed answer for the above question is provided below 13 It will take Marie 16 months to pay for the bike 14 The total amount Marie will end up paying for the bike is 460 15 Marie will pay 60 i... View full answer

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 Mathematics Questions!

What is the Apache Web server? How much does it cost? What functional ity does it currently have? You may want to look at Wikipedia to answer this question.

How much does it cost to watch a complete 21-hour-long World Series on a 180-W television set? Assume that electricity costs $0.070/kWh.

Determine the annual percentage yield for an annual percentage rate of 7% for quarterly and monthly compounding periods.

Need a sample answer for part C. Looking for a tutor to answer this question for the tutor credits I have. Would be a great help if someone would work with this price. Thanks a lot, really appreciate...

Please, I need help with the calculations for the following 25 problems in the "final" tab of the workbook before 9pm CST. FINC 340 Quizzes 1 2 Derivatives can be strictly defined as Financial...

Only Need a the answer for STEP 1 of "PART C" Need a sample answer doesn't have to be extremely detailed or anything. Term Project Part A: Understanding Financial Statements Locate and use an annual...

I've attached the questions as a word file. Thanks! c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 162 chapter 4 ACCRUAL ACCOUNTING CONCEPTS the navigator Scan Study Objectives Read Feature...

I've attached the question as a word file, thanks! c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 162 chapter 4 ACCRUAL ACCOUNTING CONCEPTS the navigator Scan Study Objectives Read Feature...

Hi Katrina, I have another accounting problem I need your help with. It's similar to the one you did on 4/4/2016. The due date for this one will be 4/10/2016, Will you be able to help? See below...

31 / 124 A call to rethink ethics and equity in computing education. T HIS COLUMN AIMS to build on and extend the field's under- standings of the nature of ethics and equity in comput- ing....

The rise of e-commerce and aircargo (2015- present) and movetowards a sustainable futurewrite INTRODUCTION (500 words) Air cargo E-commerce Relationship between air cargoand E-commerce Sustainability...

Capital Weightings and WACC Calculation The market values of KO's common stock and preferred stock are $211,296 million and $101 million, respectively. Coca-Cola has total debt outstanding with a...

(12 points) 4. The demand and supply for the cleaning and grooming of a pet are given for two prices Demand Supply Price 680 815 105 780 735 85 a. Find the linear demand equation. b. Find the linear...

Mr Satya, age 35,married to Rupanvita, age 33. He is a government employee, and his wife is a marketing manager with private company. He stays in Kolkata, and has a 10-months old son, Ajay. Over the...

its an initial dream to be "the destination of choice for Australian job seekers", SEEK was founded in Melbourne, Australia in 1997 by brothers Paul and Andrew Bassat, together with co-founder...

Wigmore, Inc., has estimated sales of $18,600, $20,325, $19,410, and $20,300 for each quarter next year, respectively. The accounts receivable period is 75 days. What is the expected accounts...

Estimate a range for the optimal objective value for the following LPs: (a) Minimize z = 5x1 + 2x2 Subject to X1 - x2 3 2x1 + 3x2 5 X1, x2 0 (b) Maximize z = x1 + 5x2 + 3x3 Subject to X1 + 2x2 +...

A: Suppose that all firms in the fast food restaurant business face U-shaped average cost curves prior to the introduction of a recurring license fee. The only output they produce is hamburgers....

A. Suppose again that a price floor p greater than the equilibrium price p has been imposed and that the government has committed to purchase the difference between what is supplied at the price...

Consider again, as in exercise 15.5, the problem faced by a society that wants to both maximize efficiency and achieve some notion of equity. A: Suppose again that everyone has tastes over x and a...

3. Find alternative research procedures to avoid physical or psychological harm to participants.

8. Devise data collection procedures that maintain participants' confidentiality and anonymity.

3. Qualitative methods are characterized by the following: a theoretical interest in how humans interpret and derive meaning from communication practices, concern with socially situated interaction,...