Assume that you have a balance of $4500 on your Visa credit card and that you make no more charges. Assume that Visa charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance.   What will the balance be after 2 years? $[answer].

Q: The interest that is charged on the principal and the interest from previous years is called: a.…

A: The interest that is calculated on the principal and the interest accumulated from the previous…

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Q: MA2B Assuming the interest rate and all other details are the same, which investment will earn more…

A: To find which investment will earn more money.

Q: A credit card offers no interest no payments for 12 months. You make a purchase of $3500. You make…

A: purchase made A= $3500 monthly payments m= $300 Amount made during the first year (11 payments)…

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A: Monthly payment = $ 1400

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Q: PMT is Maximum Monthly Payment = 3,504 i = 3% n = 30

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Q: A credit card has an APR of 32.47%, and its billing cycle is 30 days long. What is the credit card's…

A: Given: APR or annual percentage rate = 32.47% billing cycle: 30 days Annual percentage rate means…

Q: A credit card company offers a deferred payment option for the purchase of any appliance. Rose…

A: Given:    P = 4000    r = 10% = 10/100 = 0.1    t = 2  Compound Monthly :    t = 2*12 = 24      r =…

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Q: If money is worth 10%, m=4, find the number of deferred period (d) of a deferred annuity with a…

A: Given , m= 4 Time = 2.5 years.

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A: Here we will use EMI on loan formula

Q: minimum

A: The mortgage formula is given by: M=P.r1+rn1+rn-1, where it is given that P=$175,000, r=0.04512 and…

Q: Your parents are considering a 30-year, $100,000 mortgage that charges 0.5% interest each month.…

A: Given information Mortgage=$100,000 Time=30 years Number of payments=360 Interest=0.5% each month…

Q: You carry over a balance of $500 on a recent purchase of a new refridgerator,  you will just pay the…

A: Given: Carry over balance =$500 APR=18.99%

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Q: You must decide whether to buy a new car for ​$22,000 or lease the same car over a​ three-year…

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A: For loan 1 , principle is 2000 and after one year, the amount will also be 2000 For loan 2 ,…

Q: In order to purchase a home, a family borrows $45,000 at an annual interest rate of 12%, to be paid…

A: In order to purchase a home a family borrows $45,000 at an annual interest rate of 12% to be paid…

Q: A bond with a face value of $6000 and a 4.4% coupon has a 5 year maturity.  Find the annual interest…

A: image is attached

Q: Your parents are considering a 30 year $100,000 mortgage that charges 0.5% interest each…

A: Given  P= 100000 r= 0.5% n = 360

Q: You have $2,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

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Q: You plan to buy a car at purchase price $P with no down payment. You have a choice between 0% dealer…

A: Here, dealer financing is preferable.

Q: calulate the monthly loan payment if you borrow 100,000 over a period of 30 years at a fixed APR of…

A: Calculate the monthly loan payment if you borrow 100,000 over a period of 30 years at a fixed APR of…

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Q: Suppose you make a single deposit of $8000. Calculate the amount of money you will have in the…

A: Given query is to find the amount after 5 years.

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A: To find: The amount of payments after 18 months. Given information: A person buy TV set on an…

Q: If you owe $2000 on a credit card with 18% annual interest compounded monthly, how i) much money…

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Q: $2,000 is invested for 8 months at an annual simple interest rate of 12%. (a) How much interest…

A: Recall the following. I=PnrI is the simple interest obtainedP is the principal amountn is the number…

Q: Compare the monthly payment and total payment for the following pair of $180,000 loan options.…

A: We have to compare the monthly payment and total payment for the following pair of $180,000 loan…

Q: You want to buy a $15,000.00 car. You can make a 10% down payment, and will finance the balance with…

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Q: 32) As part of her retirement planning, Mrs. Smith purchases an annuity that pays 16% compounded…

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Q: tronics store offers to finance hase of any single item with zero year, with a down payment of $60 e…

A: Introduction: First-order equations are linear equations. Lines in the coordinate system have linear…

Q: Ruqaiya borrows $1929 at a simple-interest rate of 6% for 6 months. Then the Discount will be: O…

A: Consider the given information:

Q: Suppose you want to purchase a ​$322,000 ​home, and you have the required ​$60,000 down payment in…

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Q: Use PMT = to determine the regular payment amount, rounded to the nt nearest dollar. In terms of…

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Q: Your parents are considering a 30-year, $100,000 mortgage that charges 0.5% interest each month.…

A: The given data is: The parents of Bob are considering a 30- year, $100,000 mortgage that charges…

Q: Charlotte wants $30,000 in eight years by making monthly payments into an annuity that pays 4 1/2 %.…

A: Charlotte wants $30,000 in eight years by making monthly payments into an annuity that pays 412%

Q: An amount of $2012 is borrowed at a discount interest rate of 7% and the length of the loan is 4…

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Q: Suppose you have a student loan of $25,000 with an APR of 12% for 40 years. Complete parts (a)…

A: a Given information Loan amount P=$25,000 Rate of interest r=12% ⇒r=12100×12=0.01 Time t=40 years We…

Q: h into a Stock mutual fund that d yearly over 25 years. utual fund after the 25 years?

A: