Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. suppose you have a balance of $3000 on a credit ca

Suppose you have a balance of $3000 on a credit card. Using the formula from...

70.2K

Verified Solution

Question

Accounting

image
Suppose you have a balance of $3000 on a credit card. Using the formula from Part G, consider the following scenarios: 1. The APR (Annual Percentage Rate) is 14.24% You make the minimum payment of $120 per month. How long does it take you to pay off your debt? How much do you end up spending in total? 2. The APR is 25.24%. You make the minimum payment of $120 per month. How long does it take you to pay off your debt? How much do you end up spending in total? 3. The APR is 25.24%. You pay more than the minimum payment. You decide to pay an extra $50 per month. So you pay $170 per month. How long does it take you to pay off the loan? What is your total cost? How much do you save compared to making the minimum payment? 4. Why is it important to make more than a minimum payment

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students