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kipiarov [429]
2 years ago
9

Write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within 12 months

. By a fixed monthly payment, we mean a single number which does not change each month, but instead is a constant amount that will be paid each month.
Business
1 answer:
salantis [7]2 years ago
6 0

Answer:

monthly payment = (total amount owing+interest to be paid) / 12 months

Explanation:

Monthly repayments include the total amount owing on the credit card, plus the interest to be paid. This amount should then be divided into 12 monthly payments in order to get one constant amount to be paid each month for the 12 month period. We will assume there are no other factors affecting the amount, other than interest.  

The formula to calculate the monthly repayments in the credit card is as follows:

(total amount owing + interest) / 12 months

For example, say the amount owing was $100 and the total interest to be paid was $20; the monthly repayment would be calculated as ($100+ $20) / 12 months. This would mean the credit card holder pays $120/12 = $10 per month in order to repay the debt.

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Answer:

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Such that 8632/13 years= $664 lower than paying $750.

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3 years ago
a 17-year annuity pays $1,100 per month, and payments are made at the end of each month. The interest rate is 16 percent compoun
zzz [600]

Answer:

The present value of the annuity is $73,091.50

Explanation:

Use the following formula to calculate the present value of the annuity

Present value of annuity = ( Annuity Payment x Annuity factor for first 6 years ) + [ ( Annuity Payment x Annuity factor for after 6 years ) x Present value factor  for 6 years ]

Where

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Annuity factor for first 6 years = 1 - ( 1 + 16%/12 )^-(6x12) / 16%/12 = 46.10028344

Annuity factor for after 6 years = 1 - ( 1 + 13%/12 )^-((17-6)x12) / 13%/12 = 70.0471029820

Present value factor for 6 years = ( 1 + 16%/12)^-(6x12) = 0.385329554163

Placing values in the formula

Present value of annuity = ( $1,000 x 46.10028344 ) + [ ( $1,000 x 70.0471029820 ) x 0.385329554163 ]

Present value of annuity = $46,100.28 + $26,991.22

Present value of annuity = $73,091.50

4 0
2 years ago
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Answer:

A. low; low

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Value stocks usually exhibit low price-to-book ratios and low price-to-earnings ratios

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