Paying off credit cards! /static/mb/ui/evo/findexhtmiRdeploymentid $5165121 Ceng

Question

Paying off credit cards! /static/mb/ui/evo/findexhtmiRdeploymentid $5165121 CengageBrain Books G Bookshelf Online Usi DTAP Homework n Problem 5.37 a search this course Check My Work (3 remainitg) Click here to read the eBook: Future Values Click here to read the eBook: Semiannual and Other Compounding Periods PAYING OFF CREDIT CARDS Simon recently received a credit card with an 12% nominal interest rate. With the card, he purchased an Apple mene S for month. rhemím n- ete-ead-m tnbe und it emelte cal lations. a. If Símon makes the minimum monthly payment and makes no other charges, how many moet s will it be before he pays " the card? Do not Round your answer to the nearest month. month(s) neareot b. If Simon makes monthly payments of $30, how many months ili be betfore he pees otthe dabe Do not round intermediate calolats month month(s) Simon make under the $10-a-month plan than under the $20-a-month plan. Do not round intermedat aclarions Round yor aroa c. How much more in total payments will the nearest cent Chek My Work (3 remaining) r. 0 lcon Kigy ype here to search

Explanation / Answer

1.
=NPER(12%/12,-10,440)
=58.27127799 months or 58 months
2.
=NPER(12%/12,-30,440)
=15.93967402 months or 16 months
3.
=58*10-16*30=100

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