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Find michele monthly payment

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Reference no: EM132719682

This is a 5 part question, please answer the following...

1) Michele has a credit card with an APR of 28.99% and a current balance of $12,357.62. She wants to pay it off in 4 years. What will Michele's monthly payment be? (Remember a credit card is compounded monthly.) Round to the nearest dollar. -

2) Tony has a Visa credit card. The card has a balance of $10,138.42 with an APR of 27.89%. Visa expects the minimum payment to be 4.7% of the balance. What is Tony's minimum payment? How long will it take Tony to pay off his Visa credit card? How much interest will Tony pay if he only pays the minimum payment? Show steps.

3) Amanda's credit card APR is 19.77% compounded daily. What is her actual interest rate per year?

A: 21.15%

B: 21.85%

C: 20.98%

D: 19.77%

4) Laura has a Target credit card. The card has a balance of $2218.62 with an APR of 23.75%. The Target expects the minimum payment to be 3.4% of the balance. What is Laura's minimum payment? How long will it take Laura to pay off her Target credit card? How much interest will Laura pay if she only pays the minimum payment?

Minimum payment -

Months to payoff -

Interest -

5) Joe has a Sports Academy credit card. The card has a balance of $2751.29 with an APR of 26.79%. The Academy expects the minimum payment to be 3.7% of the balance. What is Joe's minimum payment? How long will it take Joe to pay off his Sports Academy credit card? How much interest will Joe pay if he only pays the minimum payment?

Minimum payment -

Months to payoff -

Interest -

Reference no: EM132719682

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