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
Why did Robert S. McNamara “see no reasonable way to bring the Vietnam war to an end soon”? What was the difference, if any, between ending the war and winning the war? To wha
1. Compare numeric and symbolic processing techniques. 2. Do you agree that using speech communication as the user interface could increase willingness to use expert systems
What is the percent value of the bond in the absence of inflation if the market interest rate is 8%? (b) What would happen to the value of the bond if the inflation rate ove
Assume the equilibrium quantity is 10M of automotive wiper blades at an equilibrium price of $2 per blade. If the government imposes a limit of 8M wiper blades for the private
Mike’s Mechanical Men produces radio controlled robots. If its average costs of production are $25, its fixed costs equal $2,500, and it charges $75 per robot, how much reve
M1 money growth in the U.S. was about 16% in 2008, 7% in 2009 and 9% in 2010. Over the same time period, the yield on 3-month T-bills fell from almost 3% to close to 0%. Given
Hedgepeth Inc.’s net income for the most recent year was $16,885. The tax rate was 40 percent. The firm paid $3,976 in total interest expense and deducted $2,655 in depreciati
Bring an example of production. (Any production in any industry) And clearly state which costs do you think will be fixed costs and which ones will be variable costs? Explain