How many months will it take you to pay off entire balance

Assignment Help Financial Management
Reference no: EM13847550

When you graduate you have $15,000 on your credit card which charges an APR of 14% compounded monthly. The credit card company tells you that your minimum payment is $232.90. If you make the minimum payment every month, how many months will it take you to pay off the entire balance (round up to the nearest month)?

Reference no: EM13847550

Questions Cloud

How much would you pay today for an investment : How much would you pay today for an investment that provides you $100 each year for the next five years and $1,100 six years from now if the interest rate is 4.6%? Calculate your answer to the nearest penny.
Role of enzymes : Enzymes and Consumer Products-Dietary supplements that combat intestinal gas (Beano, for example), Laundry detergents (those with added enzymes), Denim jeans (stonewashed)
What is the current equivalent lump sum of settlement : After an injury, you win a lawsuit judgment of $3,524 per month starting next month for a total of 42 months. If the interest rate is 9.1% APR compounded monthly, what is the current equivalent lump sum of your settlement?
How does contractual obligation ensure effective forecast : How does contractual obligation ensure the effective and reliable forecast?
How many months will it take you to pay off entire balance : When you graduate you have $15,000 on your credit card which charges an APR of 14% compounded monthly. The credit card company tells you that your minimum payment is $232.90. If you make the minimum payment every month, how many months will it take y..
What is the current market price of bonds : Jackson Corporation's bonds have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1000 par value, and the coupon interest rate is 8%. The bonds have a yield to maturity of 9%. What is the current market price of these bond..
Descriptive epidemiology and west nile virus : Descriptive Epidemiology and West Nile Virus-West Nile virus (WNV) is a vector-borne disease (zoonotic arbovirus, Flavivirus), transmitted by WNV infected mosquitoes (Mayo Clinic, 2012)
PV and loan eligibility-Reaching a financial goal : You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $450. The loan will have a 9% APR based on end-of-month payments. Erika and Kitty, who are twins, just received $35,000 each for their 26th birthdays..
Define marginal cost and marginal costing : Define marginal cost and marginal costing? How would you treat variable cost and fixed cost in marginal costing? Describe the characteristics and limitations of marginal costing?

Reviews

Write a Review

 

Financial Management Questions & Answers

  Lender charges-house had a sale price

A house had a sale price of $240000. The buyer obtained a loan for $220,000. If the lender charges:

  Estimated residual value

A machine cost $70,200; it has an estimated residual value of $6,000 and an expected life of 300,000 units. What would be the depreciation in year three if 60,000 units were produced?

  Present value of a perpetuity making quarterly payments

A business borrows $296,926 for 9 years at an annual rate of interest of 6%. If payments are annual and the loan will negatively amortize by $49,469, what will be the annual payment required? What is the present value of a perpetuity making quarterly..

  Maximum amount you are willing to pay for one share of stock

Showboat Theatres has paid annual dividends of $0.32, $0.48, and $0.56 a share over the past three years, respectively. The company now predicts that it will maintain a constant dividend since its business has leveled off and sales are expected to re..

  Prepare financial statements in proper form for sci

Prepare financial statements in proper form for SCI, including a non-consolidated statement of financial position, a statement of comprehensive income and a statement of changes in equity.

  Blue book value of her vehicle in the used-car marketplace

A friend of yours just bought a new sports car with a $4,000 down payment, and her $25,000 car loan is financed at an interest rate of 0.25% per month for 48 months. After 2 years, the "Blue Book" value of her vehicle in the used-car marketplace is $..

  Assume no taxes and no new capital expenditures

Last year your firm had revenue of $27.5 million, cost of goods sold (COGS) of $14.0 million, Selling, General, & Administration costs (SG&A) of $2.5 million, Account Receivables (AR) of $8.5 million, Account Payables (AP) of $7.0 million and Invento..

  Calculate the required investment in nowc

Recalculate the NPV assuming the machine press can only be sold for $45,000 at the end of year four. Does this change have an impact on their decision?

  What is the price of maxwells stock today

What is the price of Maxwell's stock today and what is the expected payout ratio if Martha Stewart's uses the residual distribution model to determine next year's distribution and makes all distributions in the form of dividends?

  Net working capital of the firm

It also had accounts payables of $51,369, short-term notes payables of $11,417, and accrued taxes of $6,145 and the net working capital of the firm

  Standard deviation and positive equity

A bank estimates that its profit next year is normally distributed with a mean of 0.8% of assets and the standard deviation of 2% of assets. How much equity (as a percentage of assets) does the company need to be (a) 99% sure that it will have a posi..

  Equity used is from retained earnings

Quinlan Enterprises stock trades for $52.50 per share. It is expected to pay a $2.50 dividend at year end (D1 = $2.50), and the dividend is expected to grow at a constant rate of 5.50% a year. The before-tax cost of debt is 7.50%, and the tax rate is..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd