1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vladimir79 [104]
2 years ago
15

Your trip to was great, but it unfortunately ran a bit over budget. However, you just received an offer in the mail to transfer

your $10 000 balance from your current credit card, which charges an annual rate of 19.8%, to a new credit card charging a rate of 6.2%. How much faster could you pay the loan off by making your planned monthly payments of $200 with the new card? What if there was a 2% fee charged on any balances transferred?
Business
1 answer:
serg [7]2 years ago
6 0

Answer:

with the new rate we will pay in 58 months.

if there is 2% commision charge: 59.35 = 60 months

Explanation:

Currently we owe 10,000

This will be transfer to a new credit card with a rate of 6.2%

We are going to do monthly payment of 200 dollars each month

and we need to know the time it will take to pay the loan:

We use the formula for ordinary annuity and solve for time:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C  $200.00

time n

rate 0.005166667 (6.2% rate divide into 12 months)

PV $10,000.0000

200 \times \frac{1-(1+0.0051667)^{-n} }{0.0051667} = 10000\\

We arrenge the formula and solve as muhc as we can:

(1+0.0051667)^{-n}= 1-\frac{10000\times0.0051667}{200}

(1+0.0051667)^{-n}= 0.74166667

Now, we use logarithmics properties to solve for time:

-n= \frac{log0.741667}{log(1+0.0051667)

-57.99227477 = 58 months

part B

If there is a charge of 2% then Principal = 10,000 x 102% = 10,200

we use that in the formula and solve:

(1+0.0051667)^{-n}= 1-\frac{10200\times0.0051667}{200}

(1+0.0051667)^{-n}=0.73650000

-n= \frac{log0.7365}{log(1+0.0051667)

-59.34880001 = 59.35 months

You might be interested in
Suppose that Marie is buying bananas. She decides that she would like to purchase three bananas at the price of $0.25 per banana
Aliun [14]
You’re answer would be B love!
8 0
2 years ago
Jasper Company has 70% of its sales on credit and 30% for cash. All credit sales are collected in full in the first month follow
hjlf

Jasper Company Cash Receipts Budget shows the estimated cash receipts from customers and other sources.

<h3>Cash Receipts Budget for April, May, and June:</h3>

                   April      May       June       Total

Cash Sales 30%    $157,500   $160,500   $168,000    $486,000

Credit Sales 70%    400,000   367,500    374,500    1,142,000

Total             $557,500  $528,000  $542,500  $1,628,000

Calculations:

a) Cash Sales for April = 30% of April Sales = 30% * $525,000 = $157,500. The difference of 70% is received in May.

b) Sales received on account for April = 100% of Accounts Receivable = $400,000.

c) Cash Sales for May = 30% of April Sales = 30% * $535,000 = $160,500. The difference of 70% is received in June.

d) Cash Sales for June = 30% of April Sales = 30% * $560,000 = $168,000. The difference of 70% is received in July.

To learn more about cash receipts visit the link

brainly.com/question/15561219

#SPJ4

3 0
2 years ago
2. You retire at age 60 and expect to live another 23 years. On the day you retire, you have $568,900 in your retirement savings
hichkok12 [17]

Answer:

The monthly withdrawals are $3,537.85 and will last for 23 years.

Explanation:

We have to calculate the monthly installment of an annuity:

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV 568,900.00

time 276 (23 years x 12 months)

rate 0.004333333 (5.2% = 5.2 / 100 = 0.052 per year we now divide by the 12 months of a year and get the rate for monthly withdrawals.

568900 \div \frac{1-(1+0.00433)^{-276} }{0.00433} = C\\

C  $ 3,537.85

5 0
3 years ago
Which of the following series uses commas​ correctly?
Serjik [45]
Incorrect. You don’t need a comma after “crocodiles” or before “other”
7 0
3 years ago
Dave is a salaried employee who works in a gas station. He only earns from his job and has no other source of income. He gets a
tigry1 [53]

Answer:

In my opinion the most suitable answer is E. increase his sources of income to show a rise in his income after taxes

Explanation:

The reason is he could lower his expenses too, but for how long? Inflation is going to eat his salary away anyway possibly in 5 to 10 years so what Daventry ustock do is to create another source of income so that he is safe. Possibly through investing in income generating assets, real estate and possibly a side hustle! (A small time business)

5 0
2 years ago
Other questions:
  • Kansas Company acquired a building valued at $162,000 for property tax purposes in exchange for 12,000 shares of its $3 par comm
    15·1 answer
  • You borrowed $2,500 from your grandmother. You agreed to pay back the loan with a single payment at the end of five years. The i
    8·2 answers
  • During the year, the Senbet Discount Tire Company had gross sales of $1.15 million. The firm’s cost of goods sold and selling ex
    5·1 answer
  • The blackwell group is unable to obtain financing for any new projects under any circumstances. which term best applies to this
    9·1 answer
  • Anita is employed as plant manager for Mojo Industries, Incorporated. Though she spends some time performing all management func
    5·1 answer
  • The global air-traffic control system and the world's major stock markets are examples of what kind of systems?
    8·1 answer
  • Danaher Woodworking Corporation produces fine furniture. The company uses a job-order costing system in which its predetermined
    5·1 answer
  • The primary purpose of measuring the overall level of prices in the economy is to
    5·1 answer
  • Scenario: Wilson Industries Inc. Wilson Industries Inc. is a multinational firm that designs and produces premium leather bags f
    6·1 answer
  • Willing to give a lot of points
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!