You decide to use your department store charge card ... a lot! After seven weeks you have racked up $1, 400 of debt. Your minimum monthly payment is $45, and is paid at the end of each month. If the APR is 16.80%, how long will it take you to pay the loan off? (Assume that you make the minimum payment until the debt is entirely paid off.) a. no solution, you will never pay off the debt. b. 41 months c. 131 months d. 55 months
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You decide to use your department store charge card ... a lot! After seven weeks you have racked up $1, 400 of debt. Your minimum monthly ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A financier plans to invest up to $600,000 in two projects. Project A yields a return of 9% on the investment x dollars, whereas project B yields a return of 16% on the investment of y dollars.
Answers (1)
What is a sales lead? A. An employee on the customer service team who deals with existing customers B. A sales person who works on a residual commission structure C. An expert in Maslow's hierarchy of needs D.
Answers (1)
You can best show a business your interest in their job position through:A. a cover letter. B. an application. C. a resume. D. social media.
Answers (2)
Kelly and Jordan are writing a term paper together on the concept of "faithful representation" in the financial statements. Kelly is assigned the task of defining it in the context of an amount being an estimate.
Answers (1)
Suppose the Carolina Panthers football team lowers ticket prices by 20 percent and, as a result, the quantity of tickets demanded increases by 25 percent. This response means that the demand for tickets is: A. perfectly elastic. B. elastic. C.
Answers (1)
New Questions in Business
Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc., to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson has assembled the following information relating to the franchise:a.
Answers (1)
You spend $5 on materials to make a scarf. You think you have added $10 of value, so you set the price to $15. Nobody buys the scarf at that price, so you lower the price to $12, and someone buys it.
Answers (2)
Katie needed to take out three loans. a) First, she paid $596.24 in interest on a nine-month loan for which the rate was 11%. How much money did she borrow? b) A year later, Katie borrowed $10,000 for three months.
Answers (1)
During the year, total liabilities increased $105,000 and stockholders' equity decreased $83,000. What is the amount of total assets at the end of the year?
Answers (1)
What is cosideration
Answers (1)