Determining the monthly payments

Assignment Help Financial Management
Reference no: EM13969733

Fred was persuaded to open a credit card account and now owes $5,150 on this card. Fred is not charging any additional purchases because he wants to get this debt paid in full. The card has an APR of 15.1 percent. How much longer will it take Fred to pay off this balance if he makes monthly payments of $70 rather than $85?

A. 40.12 months

B. 71.28 months

C. 93.04 months

D. 114.93 months

E. 132.83 months

Reference no: EM13969733

Questions Cloud

What were your thoughts and worries about your abilities : What were your thoughts and worries about your abilities, other people's judgments, and the possibility of failure? Describe them vividly.
How well the characters involved applied effective principle : Explain how well the characters involved applied effective principles for communicating. Describe how you can apply two strategies from the scene as you approach difficult conversations in the workplace.
How long does it take for the population : How long does it take for the population to reach 4000 fish and how long does it take for the population to reach 60% of the carrying capacity?
Write an essay on nelson mandela : Need someone to edit my essay. The thing I need to be down is shown below. Topic: Nelson Mandela
Determining the monthly payments : Fred was persuaded to open a credit card account and now owes $5,150 on this card. Fred is not charging any additional purchases because he wants to get this debt paid in full. The card has an APR of 15.1 percent. How much longer will it take Fred..
Write a draft paper on introduction to humanities : Write a draft paper on Introduction to Humanities. You are required to submit a draft of your paper. A "draft" does not imply sloppy, half-baked work--not at all.
Compare and contrast the essays : What is your plan for organizing this if you were to write it? What are the points you will use to compare and contrast the essays? (100 words)What points would you recommend your classmate address in his or her comparison? two separate 50 word posts..
Retirement dream with one lump sum depsosit : Assume you can earm an average annual rate of return of 8.8 percent. your hope is that you will win the lottery today and be able to fund your retirement dream with one lump sum depsosit today. how much would you have to win, after taxes, to make ..
Compare and contrast the religious messages of evangelist : Compare and contrast the religious messages of evangelist Billy Graham and civil rights leader Martin Luther King, Jr. in the context of American religious history. What aspects of those messages do you think still resonate today?

Reviews

Write a Review

Financial Management Questions & Answers

  Income statement and balance sheet to determine the changes

Select one (1) U.S. publicly traded company and review its most recent Annual Report. (You may use one (1) of the three (3) companies you selected for your Stock Journal assignment.) Use the Income Statement and Balance Sheet to determine the changes..

  What is your bonds rate of return over the year

You buy a(n) 6% coupon, 10-year maturity bond for $955. A year later, the bond price is $1,080. Assume coupons are paid once a year and the face value is $1,000. What is the new yield to maturity on the bond. What is your bond's rate of return over t..

  Calculate standard deviation of expected returns for stock

Stocks X and Y have the following probability distributions of expected future returns.. Calculate the expected rate of return. Calculate the standard deviation of expected returns for stock X (y=20.35%) and the coefficient variation for stock Y. Is ..

  What is the call premium of the bond

You own a bond with a 5.8 percent coupon rate and a yield to call of 6.7 percent. The bond currently sells for $1,098. If the bond is callable in five years, what is the call premium of the bond?

  Dollar to yen exchange rate

In 1980 the dollar to yen exchange rate was about $0.0045. In 2007 the yen to dollar exchange rate was about 121 yen per dollar. A Japanese producer would have had to increase the dollar price of a good sold in the U.S. by _____ to maintain the same ..

  What is the value of their shares of stock

Paradise Adventures just paid a dividend of $2.00. They are growing rapidly and are expecting to grow dividends at 20% for the next two years and then 10% in the third year before reducing the dividends to a constant growth rate of 3%. If the require..

  How much will the firm pay if it takes the cash discount

Lyman Nursuries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. How much will the firm pay if it takes the cash discount? What is the approximate cost of giving up the cash discount, the simplified formula?

  What is the mortgage constant

You borrow $75,000 for 30 years at 11% interest compounded annually. The value of the property is $100,000, PGI= $20,000, vacancy rates are 8%, and operating expenses are $81,000. What is the Mortgage constant? Please show me the work as well so I ca..

  Established pattern of increasing its dividends

The common stock of Auto Deliveries sells for $26.96 a share. The stock is expected to pay $1.90 per share next year when the annual dividend is distributed. Auto Deliveries has established a pattern of increasing its dividends by 4.7 percent annuall..

  Calculate the initial outlay of the project

FITCO Inc. is a Pharmaceutical company which is considering investing in a new equipment for the production of pain-reliever machine for individuals who suffer from cardio vascular diseases. Calculate the initial outlay of the project. Calculate the ..

  Investment satisfies normal distribution with expected value

Assume that the annualized growth rate G of your investments satisfies a normal distribution with an expected value of v=7% and a standard deviation = 20%. What is the probability that you will triple your money after 5 years of investing? After 10 y..

  Average accounting return method of project analysis

Which one of these is strength of the average accounting return method of project analysis?

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