please answer asap. my other questions have taken 5 days i need them all quick. thank you Recently, you made multiple large purchases on your credit card totaling $16,575.The interest rate on your credit card is 17.4% per year, compounded monthly, andyour statement says your minimum payment is $395 permonth.а. Howmanyminimumpaymentswillyouneed to make to payoff yourpurchases, assuming you cut up your credit card and do not make anyadditional purchases?You will needminimum payments.b. How much total interest will you pay by making the minimum monthlyраyment?Total interest = $

Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Recently, you made multiple large purchases on your credit card totaling $16,575. The interest rate on your credit card is 17.4% per year, compounded monthly, and your statement says your minimum payment is $395 per month. will need make to pay off your а. How many minimum payments you to purchases, assuming you cut up your credit card and do not make any additional purchases? You will need minimum payments. b. How much total interest will you pay by making the minimum monthly рayment? Total interest $

Recently, you made multiple large purchases on your credit card totaling $16,575. The interest rate on your credit card is 17.4% per year, compounded monthly, and your statement says your minimum payment is $395 per month. will need make to pay off your а. How many minimum payments you to purchases, assuming you cut up your credit card and do not make any additional purchases? You will need minimum payments. b. How much total interest will you pay by making the minimum monthly рayment? Total interest $

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 8FPE

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