How long will take to pay off the debt

Assignment Help Financial Accounting

Reference no: EM132805328

Problem 1: Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?

Problem 2: Mrs. Simpson is saving for her retirement. If she makes a payment of $1,000 at the end of each month for 15 years and earns a rate of 5.25% compounded 12 times per year, how much will she have in her retirement account when she is ready to retire?

Reference no: EM132805328

Questions Cloud

What reading did you find most interesting and why : What other topics would you have liked to have covered in this course? How has this course changed your perspective or outlook moving forward?

Find how much money does need to contribute per month : To date, she has saved nothing, but she still has 20 years until she retires. How much money does she need to contribute per month to reach her goal?

Potential risks involved with cloud computing : What are some of the potential risks involved with cloud computing? Ask an interesting, thoughtful question pertaining to the topic.

How many orders should ace in the sleeve place next year : The required cost for insurance & materials handling is $1.47 per ball per year. How many orders should Ace in the Sleeve place next year

How long will take to pay off the debt : If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?

Prepare in good form a classified balance sheet : Prepare, in good form, a classified Balance Sheet. Pacific West Company uses the perpetual inventory method. Will need to calculate the new balance

Describe project integration management : Describe project integration management. Will you use all the practice quizzes on the companion website?

What is the payment amount about mr jones : The dealer offers to finance the car at 8% interest over a 4 year period. What is the payment amount that Mr. Jones would be expected to pay?

Discuss the downside of kants categorical imperative : Based on the video: Can Rules Define Morality (By Franklin Nastiuk), explain what Kant's Categorical Imperative consists of. Cite one personal moment where you.

User Account

All Pages