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Simon recently received a credit card with an 13% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $340. The minimum payment on the card is only $20 per month.
a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month.
b. If Simon makes monthly payments of $60, how many months will it be before he pays off the debt? Do not round intermediate calculations. Round your answer to the nearest month.
c. How much more in total payments will Simon make under the $20-a-month plan than under the $60-a-month plan. Do not round intermediate calculations. Round your answer to the nearest cent.
A financial company that advertises on television will pay you $57,000 now for annual payments of $9,300 that you are expected to receive for a legal settlement over the next 9 years. Assume you estimate the time value of money at 12 percent. Use the..
What is the total cost of Job 6.15 if Business Solutions applies overhead at 50% of direct labor cost and what is the total cost of job 6.15 is Business Solutions uses activity based costing?
Martin electronics has an accounts receivable turnover equal to 15 times. If accounts receivable are equal to 80,000, what is the value for average daily credit sale?
What is the lump sum deposited today at 8% compounded qrtly for 10 years, will yeild the same amount if $4000 deposit with 6% interest end of 6 months compound simi annual, 10 years. What is the value of the lump sum?
Your company Andrews has a bond retiring in 2018. you would be buying them back at (a): par, premium, or discount?
You need 25-year, fixed-rate mortgage to buy new home for $210,000.How large will this balloon payment have to be for you to keep your monthly payments at $950?
Suppose that the European call is worth USD 0.1233. What is the value of the European put with the same strike price and maturity date?
If the risk of the debt does not? change, what is the expected return of the stock after this? transaction?
calculate the total principal paid during the 2nd year of the loan.
Calculate the profit or loss from the following long/short strategy: You short sell 600 shares of ABC stock at $95 per share and immediately buy the S&P 500 index for half of the value of the short sale. After 1 year, ABC stock has declined to $70 pe..
Which of the following is closest to the action would you suggest for Howard immediately after the stock goes ex-dividend?
Calculate the APR for each loan given the specifics in each case.
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