Assuming no more charges on the card are mad

Assignment Help Business Economics

Reference no: EM13837247

You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07

a) If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assuming no more charges on the card are mad)?

b) If you make a payment of $26.52 each month, how long will it take to repay the $1000 balance?

c) Compare the total interest paid in part (a) with the total interest in part (b)

Reference no: EM13837247

Questions Cloud

How much will the account be worth : As a savings plan for college, the Smithfield's deposited $15,000 in an account paying 6% compounded annually when their daughter Mary was born. How much will the account be worth when Mary is 18 years old?

Game has nash equilibrium-every player is rational : Suppose we have a game G with an epistemic background such that (1) every player has beliefs consistent with knowledge, (2) every player is rational and (3) every player knows the type of every other player. Then such a game has a Nash Equilibrium.

What is the annual effective irr of this investment : A solar panel has an installed cost of $2900, and it reduces the homeowner’s energy bill by $29 per month. The residual value of the solar panel is negligible at the end of its 11-year life. What is the annual effective IRR of this investment?

Identify data that should incorporated into cgcs new system : Identify the data that should be incorporated into CGCs new system to provide adequate planning capability. Explain why each data item it is important and the level of detail needed for the data to be useful.

Assuming no more charges on the card are mad : You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07. If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assum..

Compact fluorescent bulb fixtures instead : Suppose you have just bought a new house and are considering the installation of 10 compact fluorescent bulb (CFB) fixtures instead of 10 conventional incandescent lighting fixtures (Which cost a total of $550) typically installed by the builder.

Companys business strategy and competitive advantage : companys business strategy and competitive advantage

Duncan vs lousisiana : CASE STUDY/Research paper: The case study/research paper will be worth 70 points. Papers must be typed in double spaced and 12 inch font. APA style is mandatory

Role of a teacher for an online university : For this assignment, you will assume the role of a teacher for an online university.

User Account

All Pages