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$1.00 Finance- Please show all work

  • From Business: Finance
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  • Due on Jul. 06, 2012
  • Asked on Jul 06, 2012 at 4:34:24PM
Asked by :
pgr24
pgr24
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Questions Asked: 17
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Q:
Please show all work: You have a credit card with a balance of $18,000. The annual interest rate on the card is 18% compounded monthly, and the minimum payment is $400 per month. If you pay only the minimum payment each month and do not make any new charges on the card, how many years will it take for you to pay off the $18,000 balance? 9) _____________
 

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$2.00
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  • Posted on Jul 06, 2012 at 5:56:09PM
Posted by :
OnlineProf25
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A:
Preview: ...                     I/yr ...
The full tutorial is about 14 words long .
 
$5.00
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  • Posted on Jul 06, 2012 at 7:56:16PM
Posted by :
Mhlbraveheart
 
A:
Preview: ... th payments equal to the minimum payment. The monthly interest i = 18%/12 = 1.5% or 0.015 The payment PMT = 400 The present value = 18,00 ...
The full tutorial is about 115 words long .