How many months will it take to pay off outstanding balance

Assignment Help Finance Basics
Reference no: EM13288329

Cameron has a credit card with an outstanding balance of $20,927. The credit card company charges an APR (annual percentage rate) of 20.8% compounded montly. The minimum payment is $606 per month. If Cameron makes no new charges on the credit card while making only the mininum monthly payment.

How many months will it take to pay off the outstanding balance?

 

Reference no: EM13288329

Questions Cloud

Explain 5-dimethyl-2 and 6-octadiyne chiral : Is 4,5-dimethyl-2,6-octadiyne chiral. f chiral, give the number(s)(from the IUPAC name) of all chirality center(s) present (increasing numberical order, separated by a comma, no space).
What is the capital structure weight of the firm debt : What is the capital structure weight of the firm's debt if the tax rate is 35 percent?
Find coefficient of kinetic friction between sled and trail : A sled is pulled with a horizontal force of 20 N along a level trail, and the acceleration is found to be 0.35 m/s2. find the coefficient of kinetic friction between the sled and the trail
How high would inflation have to be in order for the balance : How high would inflation have to be in order for the balance of your loan to only be worth a real $50,000, expressed in today's dollars, at the end of 5 years? Express your answer in annually compounding terms.
How many months will it take to pay off outstanding balance : If Cameron makes no new charges on the credit card while making only the mininum monthly payment.
Find the momentum and the kinetic energy of each : Find the momentum ( in MeV/c) and the kinetic Energy ( in MeV) of each and compare with the results of using the classical Formular
Find the monthly payment needed to pay off a loan : Find the monthly payment needed to pay off a loan of $3800 amortized at 6% compounded monthly for 4 years.
What are most common insulators used for high voltages : What are the most common insulators used for extremely high voltages. Explain your answer with, at least, two points foreach insulator. Hint. they can withstand much highertemperatures than rubber insulation.
Explain the retention time of a compound : For each parameter listed, explain whether or not a change in the parameter will have an effect on the retention time of a compound.

Reviews

Write a Review

Finance Basics Questions & Answers

  Explain trend of interest rates

Explain trend of interest rates and describe the trend of interest rates over the last several years

  What are some practical limiations for a company

What are some practical limiations for a company in trying to maximize the amount of leverage (debt) used in the capital structure?

  Evaluate the risk of loss and the opportunity for profit

Evaluate the risk of loss and the opportunity for profit when traders buy or sell puts and calls and Evaluate call and put options and describe the differences that a put option and a call option have on interest rates futures.

  What is the asset adjustment to a bank balance sheet

What is the asset adjustment to a bank's balance sheet if the bank sold a five-year, 7 percent annual coupon $100,000 bond acquired at par, but now yielding 8 percent? The bond was not in the mark-to-market portfolio.

  Find the market return for an asset

Find the market return for an asset with a required return of 16% and a beta of 1.10 when the risk-free rate is 9% and find the beta for an asset with a required return of 15 percent.

  Estimate expected rate of return on company stock

Waterworks has a dividend yield of 8%. If its dividend is expected to grow at a constant rate of 5%, Estimate the expected rate of return on the company's stock?

  Calculate percentage increase in profitability

Adventure Airline has revenue of $140 million, fixed expenses of $100 million, and variable expenses of $38 million, which increases in proportion to revenue.

  What is the payback period for this project

Christopher electronics bought new machinery for $5,045,000 million. This is expected to result in additional cash flows of $1,200,000 million over the next 7 years. What is the payback period for this project? Their acceptance period is five year..

  Examine the expenses of the mutual funds

When you examine the expenses of the mutual funds, you will notice that this fund also has the highest expenses. Does this affect your decision to invest in this fund.

  Computing the standard deviation for treasury bills

Computing the standard deviation for treasury bills and Calculate the standard deviation of Treasury bill returns and inflation over this period

  Maximizing contribution margin from sales

Sunny Valley Orchards is reevaluating rate of its fresh-squeezed orange juice in half gallon containers. Variable costs per half-gallon container of fresh squeezed orange juice are $1.5.

  Business assessment-acquisitions

Examine the company's mission and vision statements against the performance of the organization. Then, evaluate how well the company lives out its mission and vision statement. Provide support from the organization's performance in your evaluation..

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