Question: You have a credit card with a balance of $14,200 and an APR of 18.2 percent compounded monthly. You have been making monthly payments of

You have a credit card with a balance of $14,200 and an APR of 18.2 percent compounded monthly. You have been making monthly payments of $270 per month, but you have received a substantial raise and will increase your monthly payments to $345 per month. How many months quicker will you be able to pay off the account?

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!

1) Common-sized balance sheets A) show data for companies in the same industry. B) show data for companies with approximately the same amount of assets. C) show each balance sheet account as a...

Busy Summer Lindsay has worked for a landscaping company for the past two summers Next year, she plans to start her own lawn care business. She has nine clients lined up and has scheduled half a day...

Busy Summer Lindsay has worked for a landscaping company for the past two Next year, she plans to start her own lawn care business. She has nine clients lined up and has scheduled half a day per week...

5) Jones, Inc. has a current ratio equal to 1.40. Which of the following transactions will increase the company's current ratio? A) The company collects $500,000 of its accounts receivable. B) The...

Q1. Preferred stock and common stock issued by the same firm will have the same required return because the riskiness of the firm's cash flows is the same for both securities. a. True b. False Q2....

Below are the questions, I don't know why it says question options because there are none, but please pay attention to the decimal options that are needed. I need this asap. Question 1 (1 point) The...

Question 5 Thomas owes $4,000 on his credit card. The credit card carries an APR of 16.8 percent compounded monthly. If Thomas makes monthly payments of $100 per month, how long will it take for him...

Pick something that costs at least $2,000 (but less than $10,000) that you want to buy. ( I picked $2,860 will you guys help build spreadsheets) Assume you put the total price of the purchase on a...

1. 2. 3. (Nonannual compounding using a calculator) Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow $20,000 to pay for his new car. How large will Jesse's...

Lindsay has worked for a landscaping company for the past two summers. Next year, she plans to start her own lawn care business. She has nine clients lined up and has scheduled half a day per week...

A cylindrical nuclear fuel element is 10.16 cm long and 10.77 cm in diameter. The fuel generates heat uniformly at a rate of 51.7 x 103 kJ/sm3. The fuel is placed in an environment having a...

Ali is holding 20,000 kilograms stocks of palm oil. Suppose the price of 1,000 kilograms of palm oil in the cash market is RM2,500. He wants to hedge against the decline in palm oil prices so that it...

Stocks and bonds are closely correlated. When one drops in value, the other follows. True False

A company is preparing completing their Cash Budget. The following data has been prepared for cash receipts and payments. January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash...