You owe $3,000 on your credit card with a 24% APR. What would be the minimum payment amount if your credit card company requires at least 5% each month? Be sure to show your work below.
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- QUESTION 17 You wish to buy a $9,500 dining room set. The furniture store offers you a 2-year loan with an APR of 7.2 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH? How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH?Q22 A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $2,700 per month for the next three years and then $1,700 per month for two years after that. If the bank is charging customers 9.00 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PRESENT VALUE?QUESTION 16 You wish to buy a $21,500 car. The dealer offers you a 6-year loan with a 7.2 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH? How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH?
- Q 10 You wish to buy a $9,100 dining room set. The furniture store offers you a 2-year loan with an APR of 9 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT________ PER MONTH How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT________ PER MONTHStart your trial now! First week only $4.99!arrow_forward Question Read and analyze each given scenario and provide what is asked. Show your complete solutions. 1. It is now January 1, 20x8. Today you will deposit P100,000 into a savings account that pays 8%. a. If the bank compounds interest annually, how much will you have in your account on January 1, 20x9? b. What will your January 1, 20x9 balance be if the bank uses quarterly compounding? 2. It is now January 1, 2x16, and you will need P100,000 on January 1, 2x20. Your bank compounds interest at an 8% annual rate. How much must you deposit today to have a balance of P100,000 on January 1, 2x20? 3. If you deposited P200,000 in a bank account that pays 6% interest annually, how much will be in your account after five (5) years? 4. What is the present value of a security that will pay P290,000 in 20 years if securities of equal risk pay 5% annually? 5. What is the future value of a 5%, 5-year ordinary annuity that…3. Subject : - Finanace assume you currently have a chase sapphire preferred card with a balance of 12,000 dollars. Behind the honest sort, suppose you resolve to pay off the credit card in five years and the stated APr charged by the credit card company the credit card is 19.00%. How much would your monthy payments have to be to reach your goal?
- Given:account balance:$5,000;account APR=17% please help with 5-8 5. what is the dollar amount paid in interest if the balance is pid off in 24 months,ceteris paribus? 6. how much more will you pay in interest if you make a fixed payment of 4% of the original balnce than if you make the payment required to pay the balance off in 24 months? 7. if the minimum payment is 4% of the oustanding blanace, how many months will it take to pay off the wntire balance if only the minimum oayment is made each month, ceteris paribus? 8. what is the dollar amount paid in interest if the minimum payment ka made each month to pay off the entore balance,ceteris pribus?Q20) You currently owe $3,545.00 of your credit card that charges an annual interest rate of 20.29% . You make $136.00 of new charges every month and make a payment of $277.00 every month. What will your credit card balance be in three months?Solve the problem. Round to the nearest cent. A=P1+rnnt P=A1+rnnt A=Pert Y=1+rnn−1 How much money should be deposited today in an account that earns 4% compounded semiannually so that it will accumulate to $4,000 in 4years?