A landscape architect accrued $7,855.39 in credit card debt. If the architect makes a monthly payment of $500 (and makes no additional charges on the account), how many months will it take to repay the debt if the annual interest rate on the credit card is 18.2 % ? (Round your answer up to the
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![A landscape architect accrued $7,855.39 in credit card debt. If the architect
makes a monthly payment of $500 (and makes no additional charges on
the account), how many months will it take to repay the debt if the annual
interest rate on the credit card is 18.2% ? (Round your answer up to the
nearest month.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdef0874e-57de-4897-a291-4cf0007eeb11%2F2485ce3a-0e4b-4017-8f6d-76a573ada2f1%2Fizpbf2_processed.png&w=3840&q=75)
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- You have borrowed $10,000 from a bank at the interest rate of 1% per month. Yourmonthly payment is $554.15. Find the time required to repay the loan.A landscape architect accrued $7,876.36 in credit card debt. If the architect makes a monthly payment of $600 (and makes no additional charges on the account), how many months will it take to repay the debt If the annual Interest rate on the credit card is 18.8%? (Round your answer up to the nearest month.) monthsYou have a credit card that has a balance of $11,020 at an APR of 20.49%.You plan to pay $400 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance?
- Suppose you borrow $21,000 from your bank to buy a car. You agree to pay $433.89 per month for 60 months. What is the interest rate (APR) for the loan?Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?If you buy a computer directly from the manufacturer for $2,546 and agree to repay it in 48 equal installments at 1.64% interest per month on the unpaid balance,how much are your monthly payments? How much total interest will be paid?
- You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 1/4 6 $20,000Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $).An investor takes a loan for $40,000 to purchase inventory to start a business. The terms of the investor's loan state that the interest rate is 12%, interest is compounded monthly, and payments will be made in 12 equal end of month payments. How much would each payment be, and how much would the investor need to pay in month 7 to pay off the loan? Click here to access the TVM Factor Table calculator. Monthly payment - $ Payoff amount in month 7 = $
- You have a credit card that has a balance of $10,700 at an APR of 14.49%. You plan to pay $400 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance? Use the units in your answer!Create an amortization table for a $60,000 loan. We will assume payments are made monthly over 6 years at an interest rate of 4%. a.) First use a formula cell in your spreadsheet to calculate the monthly payment amount. b.) Create an amortization table for the 72 months. Your columns of your amortization table should include payment number, payment amount, interest paid each month, principle paid that month, amount paid on principal total, and the amount of principal remaining.you take out an installment loan to purchase a time share costing $17,000. You make a down payment of $2,500 and finance the balance by making monthly payments of $718.66 for 24 months. Find the APR