Question: If you are not sure please do not answer!!!! You have a $4,000 credit card debt, and you plan to pay it off through monthly

If you are not sure please do not answer!!!!

You have a $4,000 credit card debt, and you plan to pay it off through monthly payments of $100. If you are being charged 15% interest per year, how long (to the nearest 0.5 years) will it take you to repay your debt?

Find t=......years???? The answer is not 2.5 years, 5 years or 4 years

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!

Answers needed for #3-4, 9, 11, 13-17, 19-22, 29-32, 35-37, 40 FI 3300 - CORPORATION FINANCE Take-Home Problem Set Three (THPS-3) Fall 2015 Directions: This problem set covers chapters 6 and 7 in the...

It is Corporate Finance work and I would appreciate the help 7. In 3 years you are to receive $5,000. If the current interest rate (which is 3.284%) were to suddenly decrease, the present value of...

Corporate Finance Help Please Part II: PROBLEMS - Compute a final numerical answer for each of the following problems. You should work out your solutions on loose leaf paper, however, I may or may...

I need some help on Corporate Finance please, much appreciated! Vito Scaletta just bought his dream car, 2014 Aston Martin DB9 that cost $208,700. He paid $35,000 down and financed the balance over...

please answer all of the following questions 31. Today is your 30 birthday and you have a dream of retiring on your 65 birthday. You want to put aside however much is necessary on your 31" through...

USE THE INFORMATION BELOW TO ANSWER THE FOLLOWING PARTS Vito Scaletta just bought his dream car, 2021 Aston Martin DB11 V8 Shadow Edition that cost $228,700. He paid $50,000 down and financed the...

USE THE INFORMATION BELOW TO ANSWER THE FOLLOWING THREE QUESTIONS Vito Scaletta just bought his dream car, 2019 Aston Martin DB9 that cost $208,700. He paid $30,000 down and financed the balance over...

Hi. I need Chapter 11 part 1-4 Let me know. Thanks! (it wont letme add more than $8, but I will give $12+ tip) Personal Finance, Fifth Edition by Jeff Madura BUILDING YOUR OWN FINANCIAL PLAN WORKBOOK...

Debt Consolidation CASE STUDY Shannon and Duncan Fisher were concerned about their level of debt. They had bor- rowed from their bank to purchase their house, car, and computer. For these three...

Unlike individual incentive programs, group and companywide incentive programs reward individuals based on the group and companywide performance standards, respectively. Under group and companywide...

Consider a mole of gas in a chamber that is not being pumped. What is the probability of a self-pumping action such that all of the gas molecules will congregate in one-half of the chamber and leave...

OQ 1 . Is the distribution of actual leading digits similar to the distribution of the Benford s law expected digits distribution? OQ 2 . Which of the actual leading digits have more observations...

Skills necessary for success in marketing include Multiple select question. analytical thinking advertising industry experience infallibility ability to work with others

A job candidate answers yes to the question of whether they are a smoker. They are well qualified, but you decide not to hire them. Does the candidate have legal recourse?

Why is substance use a particularly tricky policy within Canadian workplaces?

List the major prohibitions of the Canadian Human Rights Act .