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Paying off credit cards
Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $420. The minimum payment on the card is only $10 per month.
If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round your answer to the nearest whole.
________ month(s)
If Simon makes monthly payments of $30, how many months will it be before he pays off the debt? Round your answer to the nearest whole.
How much more in total payments will Simon make under the $10-a-month plan than under the $30-a-month plan. Make sure you use 3 decimal places for N. Round your answer to the nearest cent.
$ ________
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From a purely financial perspective are there situations in which a business would be better off choosing a project with a shorter payback over one that has a larger NPV?
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Money is invested in a savings account with a nominal interest rate of 2.4% convertible monthly for three years. The rate of inflation is 1.5% for the first year, 2.8% for the second year, and 3.4% for the third year. Find the percentage of purchasin..
Loaded-Up Fund charges a 12b-1 fee of 1% and maintains an expense ratio of 0.60%. Economy Fund charges a front-end load of 2%, but has no 12b-1 fee and an expense ratio of 0.40%. Assume the rate of return on both funds’ portfolios (before any fees) i..
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