How long will it take him to pay off debt

Assignment Help Financial Management
Reference no: EM131568921

Joey realizes that he has charged too much on his credit card and has racked up $4,700 in debt. If he can pay $150 each month and the card charges 17 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Time to pay off the debt months

Reference no: EM131568921

Questions Cloud

Internal controls to remain in compliance with aicpa-pcaob : what happens at the client company and if the company has changed or modified their internal controls to remain in compliance with AICPA and PCAOB?
Pay for insurance-property taxes and maintenance : Under either the lease or the purchase, Big Sky must pay for insurance, property taxes, and maintenance.
How might the given driver have been bitten by the spider : As you visualize the employee's environment, how might this driver have been bitten by the spider? Your response should be at least 150 words.
Will the customer win : A fast-food chain has a contest in which a card with numbers on it is given to each customer who makes a purchase. If some of the numbers on the card add up to.
How long will it take him to pay off debt : If he can pay $150 each month and the card charges 17 percent APR (compounded monthly), how long will it take him to pay off the debt?
Creditor to evaluate the ability of the firm to repary loan : Which of the following ratios would most likely be used by a creditor to evaluate the ability of the firm to repary a loan?
Prove the statement directly from the definitions : For each statement in determine whether the statement is true or false. Prove the statement directly from the definitions if it is true.
List the mapping from binary to hexadecimal : Suppose you have a number 1100010101002, can you directly change it from binary to hexadecimal. List the mapping from binary to hexadecimal.
What are three lines of defense in effective risk management : What are the three lines of defense in effective risk management and how do we distinguish among their functions?

Reviews

Write a Review

Financial Management Questions & Answers

  What is the project net present value

The firm has a 75% chance if it invests -$1,500 a return of $500 for 7-years, and a 25% chance of returning $25 for 7-years. Based on the above data, what is the project's net present value? $1,312,456 -$1,104,607 -$875,203 $105,999 $321,788

  Calculate the expected rate of return

Bus 542 - Fall 2016 - Calculate the expected rate of return (ER), standard deviations, and coefficients of variation (CV) for T-Bills, High Tech, and Contra - Instead of the last two planned deposits, what amount should the last two deposits be su..

  About the finance charge

Samir purchased a car for $40,000. He made a down payment of $18,000 and paid $694.47 monthly for 3 years. Find the APR from the table below. Finance charge per $100 of amount financed

  The company will be owned by the new investors

Highlander Homes stock trades at $30 per share and there are 50 million shares outstanding. The management would like to raise $300 million in an SEO. If the underwriter charges 2% of gross proceeds, all other cost is $10 million and all the shares a..

  What is the yield on three-year treasury securities

The real risk-free rate is 2.75%. Inflation is expected to be 1.75% this year and 3.5% during the next 2 years. Assume that the maturity risk premium is zero. What is the yield on 3-year Treasury securities?

  What is the value of safeco stock when required return

Financial analysts forecast Safeco Corporation (SAF) growth for the future to be a constant 8 percent. Safeco's recent dividend was $0.88. What is the value of Safeco stock when the required return is 12 percent?"

  What must the risk-free rate be

A stock has an expected return of 14 percent, a beta of 1.70, and the expected return on the market is 10 percent. What must the risk-free rate be? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

  What is the equivalent rate with semiannual compounding

An interest rate is 11.75% per annum expressed with continuous compounding. What is the equivalent rate with semiannual compounding? (margin of error: +/- 0.01%)

  What is the amount of the companys accounts receivable

Essence of Skunk Fragrances, Ltd., sells 6,500 units of its perfume collection each year at a price per unit of $395. All sales are on credit with terms of 1/30, net 30. The discount is taken by 50 percent of the customers. What is the amount of the ..

  Estimate the present value of the cost

Estimate the present value of the cost of defaults on the contract. Assume that defaults are recognized only at the end of the life of the contract.

  How many days a year must the snow plow

A shopping center is considering paying $15,000 for a snow plow and blower, which will have a 5 year life, a negligible salvage value, and daily O&M expenses of $150. The firm can alternatively contract to have the snow removed at a cost of $450/day...

  The real risk-free rate of return-corporate bonds

Suppose economists have determined that the real risk-free rate of return is 3 percent and that inflation is expected to average 2.5 percent per year long into the future. A 1-year Treasury note offers a rate of return equal to 5.5 percent. You are e..

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