Reference no: EM132856309
Question - Hak Young is tired at the end of the semester and decides he really needs a break so he pays for a one week all-inclusive trip to Disney Land with his credit card. In total the trip cost $3000 and his credit card charges 18% interest compounded monthly. He doesn't expect that he will have the money to pay off his credit card until he graduates and is working full time which will be at least another 18 months.
-How much will Hak Young's trip have truly cost him by the time he can start to pay it off?
-What will be the total interest paid?
Hak Young has gone on to accumulate other credit card debt on top of what he owes from his Disney Land vacation and his total debit is now $13,864.82. He is getting worried about his debt and is determined to pay it off completely. With all conditions of the account being the same as before, what would Hak Young's minimum payment have to be in order to pay off his debt in 5 years?
What will be the total interest paid?
Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went his bank and found out he could get a personal loan that he could then use to pay off his credit card. The personal loan has an interest rate of 10.75% compounded monthly.
Assuming he still planned to pay off his debt in 5 years, what would his monthly payments to the bank be now?
What will be the total interest paid?
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