Joey realizes that he has charged too much on his credit card and has racked up $4,900 in debt. If he can pay $125 each month an
d the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.).
1 answer:
Answer:
60 months
Explanation:
In this question, we use the NPER formula which is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $4,900
Future value = $0
Rate of interest = 18% ÷ 12 months = 1.5%
PMT = $125
The formula is shown below:
= NPER(Rate,-PMT,PV,FV,type)
The PMT come in negative
So, after solving this, the answer would be 60 months
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Answer:
- The gross pay of Kenny is $750.
- The gross pay of Charles is $525.
- The gross pay of Laurie is $855.
- The gross pay of Hylis is $480.
Explanation:
As the data of the employers is not given here, a similar question is found , for which the data is attached herewith.
Now the minimum wage per week for $8 an hour is given as
Minimum Wage=40*$8=$240.
The gross pay of Kenny with 50 new customers is given as
So the gross pay of Kenny is $750.
The gross pay of Charles with 35 new customers is given as
So the gross pay of Charles is $525.
The gross pay of Laurie with 52 new customers is given as
So the gross pay of Laurie is $780.
The gross pay of Hylis with 32 new customers is given as
So the gross pay of Hylis is $480.
As Laurie has the highest number of new customers, so she will receive a bonus of $75.
So the gross pay of Laurie is $780+$75=$855.
So the gross pays are given as
- The gross pay of Kenny is $750.
- The gross pay of Charles is $525.
- The gross pay of Laurie is $855.
- The gross pay of Hylis is $480.
