Make the minimum payment
Course:- Business Economics
Reference No.:- EM132281302

Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Economics

Suppose your credit balance is $16,000. The minimum payment is $352, and the annual percentage rate is 18. 6%.

A. If you make a constant monthly payment of $352, how long will it take you to pay off the credit card balance?

B. How much interest will you pay if you elect to make the minimum payment?

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Business Economics) Materials
In 2008, a firm has receipts of $12 million and expenses (excluding depreciation) of $5 million. Its depreciation for 2008 amounts to $3 million. If the effective income tax r
Assume that demand for good X is a function of its price (PX), the price of good Y (PY), and Income (M) as follows: QX = {(M + PY)/(2PX)} - 1 Given the following values for th
Discuss how increasing your human capital may influence your ability to accept change, and readiness to learn new skills and get new jobs. Please apply the effects of human ca
Assume that GDP (Y) in a closed economy is 6,000. Consumption (C) is given by the equation C = 600 + 0.6(Y – T). Investment (I) is given by the equation I = 2,000 – 100r, wher
Think of an example of the principal-agent that you experienced first-hand or read or heard about. What factors led to the problem? Were there serious adverse outcomes arising
A set of earmuffs has an NRR of 30 dBA, and a set of plugs has an NRR of 20dBA. Workers in a car factory are exposed to 110 dBA for 8hrs. Workers wearing the muffs take them o
In evaluating the accuracy of their statements, should one distinguish between (i) economist’s descriptive statements, propositions, and predictions about the world, and (ii)
Which of the following statements about venture capital firms is false? Which of the following will not occur when a tariff is imposed on an imported product? Which of the fol