How long will it take him to pay off the debt

Assignment Help Financial Management
Reference no: EM131961205

Joey realizes that he has charged too much on his credit card and has racked up $4,100 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 and round your final answer to 2 decimal places.)

Reference no: EM131961205

Questions Cloud

Develop a deprecation table for the asset : Develop a deprecation table for this asset according to MACRS. The response must be typed, single spaced, must be in times new roman font (size 12).
What is the net present value of book business investment : What is the net present value of the book business investment if Joe and Patty want to earn at least a 12% return from it? (Ignore taxes)
What was joes internal rate of return on this investment : Joe rossell purchased a rental house for $80000. after a year, joe spent $10000 to improve the property, primarily the kitchen and bathrooms.
Determine the price at which each bond will be issued : A firm wants to issue a 2 year Bond at a 4% Coupon Rate. The Yield To Maturity is 8%. Assuming that interest is to be paid annually.
How long will it take him to pay off the debt : Joey realizes that he has charged too much on his credit card and has racked up $4,100 in debt.
Prepare a report for the investor : You are a consultant, working with the DBSA. A potential investor approaches you and tells you that he is interested in investing in the South African economy.
Potential tax ramifications to your future clients : Joe Ji is married to Joy Ji and have 2 children, Together they made $215,000 in 2015. They own a home in Powell, Ohio.
Determine how does this affect your taxes : Joe sold the building this year in 2015 for $600,000. You deducted the depreciation of the property for those 5 years, which added up to $32,050.
Calculate the internal rate of return for investment : Continue the mercury recovery example from the lecture, assuming the company plans to invest in the Quicksilver device. The Quicksilver device has an initial.

Reviews

Write a Review

Financial Management Questions & Answers

  Compute your total dollar return on this investment

Suppose you bought 250 shares of stock at an initial price of $48 per share. The stock paid a dividend of $.48 per share during the following year, and the share price at the end of the year was $51. Compute your total dollar return on this investmen..

  Rationale for choosing the company for which to invest

Rationale for choosing the company for which to invest - "Six Rules to Follow When Picking Stocks" Get Your Smart Beta Here! Dividend Growth Stocks As 'Strategic Beta' Investments

  Your local bank for start-up loan commitment

You have approached your local bank for a start-up loan commitment for $380,000 needed to open a computer repair store.

  How much of the payment goes toward principal and interest

Compute the required monthly payment on a $80,000 30-year, fixed-rate mortgage with a nominal interest rate of 5.80%. How much of the payment goes toward principal and interest during the first year?

  Sold those shares and realized a total return

One year ago, you purchased 600 shares of a stock. This morning you sold those shares and realized a total return of 3.1 percent. Given this information, you know for sure the:

  What was the price per share

what was the price per share when you made the purchase 7 years ago?

  Calculate the internal rate of return for this project

Calculate the Internal Rate of Return for this project. calculate the Discounted Payback Period for this project.

  What is the geometric average growth rate

Past five years' dividends for Joker stock is $1.50, $1.65, $1.70, $1.60, and $1.75, What is the geometric average growth rate?

  Regarding revolving credit agreement

Which of the following is not true regarding a revolving credit agreement

  Examine the decision metric profit margin

Compare the decision metrics NPV & IRR for the "no recovery of NWC" and "recovery of NWC" scenarios, stating which scenario best captures reality. Based on your answer, give the project a green or red light.

  Benefits of further education worth the associated costs

Are the benefits of further education worth the associated costs?

  Each type of financial institutions

Briefly discuss the purpose and role that each type of financial institutions (depositary, contractual, and investment) play in the U.S. economy.

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