Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate on your credit card is 19.1% per year, compounded monthly, and your statement says your minimum payment is $275 per month, a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? Round your answer up to the nearest number of a payments. You will need minimum payments. b. How much total interest, to the nearest dollar, will you pay by making the minimum monthly payment? Total interestS

Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate on your credit card is 19.1% per year, compounded monthly, and your statement says your minimum payment is $275 per month, a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? Round your answer up to the nearest number of a payments. You will need minimum payments. b. How much total interest, to the nearest dollar, will you pay by making the minimum monthly payment? Total interestS

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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