Assuming no more charges on the card are mad

Assignment Help Business Economics
Reference no: EM13837247

You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07

a) If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assuming no more charges on the card are mad)?

b) If you make a payment of $26.52 each month, how long will it take to repay the $1000 balance?

c) Compare the total interest paid in part (a) with the total interest in part (b)

Reference no: EM13837247

Questions Cloud

How much will the account be worth : As a savings plan for college, the Smithfield's deposited $15,000 in an account paying 6% compounded annually when their daughter Mary was born. How much will the account be worth when Mary is 18 years old?
Game has nash equilibrium-every player is rational : Suppose we have a game G with an epistemic background such that (1) every player has beliefs consistent with knowledge, (2) every player is rational and (3) every player knows the type of every other player. Then such a game has a Nash Equilibrium.
What is the annual effective irr of this investment : A solar panel has an installed cost of $2900, and it reduces the homeowner’s energy bill by $29 per month. The residual value of the solar panel is negligible at the end of its 11-year life. What is the annual effective IRR of this investment?
Identify data that should incorporated into cgcs new system : Identify the data that should be incorporated into CGCs new system to provide adequate planning capability. Explain why each data item it is important and the level of detail needed for the data to be useful.
Assuming no more charges on the card are mad : You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07. If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assum..
Compact fluorescent bulb fixtures instead : Suppose you have just bought a new house and are considering the installation of 10 compact fluorescent bulb (CFB) fixtures instead of 10 conventional incandescent lighting fixtures (Which cost a total of $550) typically installed by the builder.
Companys business strategy and competitive advantage : companys business strategy and competitive advantage
Duncan vs lousisiana : CASE STUDY/Research paper: The case study/research paper will be worth 70 points. Papers must be typed in double spaced and 12 inch font. APA style is mandatory
Role of a teacher for an online university : For this assignment, you will assume the role of a teacher for an online university.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd