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ohaa [14]
3 years ago
9

You have a credit card with a balance of $10,900 and an APR of 17.1 percent compounded monthly. You have been making monthly pay

ments of $215 per month, but you have received a substantial raise and will increase your monthly payments to $265 per month. How many months quicker will you be able to pay off the account
Business
2 answers:
sladkih [1.3K]3 years ago
8 0

Answer:

months quicker = 91 months - 62 months = 29 months

Explanation:

using a financial calculator

SET  calculator to a 12 months interval payments

PV = -$10.900, r= 17.1%, FV=0, ,PMT = $215

COMPUTE N?

N= 90.58 ≈ 91 months

Raise and new pmt =265

N=62.35≈62 Months

VMariaS [17]3 years ago
5 0

Answer:

Approximately 15 months quicker

Explanation:

A = PMT(1+r/100)^t

where r = monthly rate = 17.1/12=1.425%

t= time in months

PMT = monthly payments

A= Amount = $10,900

Case 1; At PMT of $215

Therefore,

10,900 = 215(1 + 0.01425)^t

1.01425^t= 50.7

Solving for t, t= 277.46 months

Case 2; At PMT of $265

Therefore,

10,900 = 265(1 + 0.01425)^t

1.01425^t= 41.13

Solving for t, t= 262.68 months

The months quicker = 277.46 - 262.68 = 14.78 months

Approximately 15 months quicker

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Answer:

Green book.

Explanation:

The Federal Reserve System (the 'Fed) was created by the Federal Reserve Act, passed by Congress in 1913. The Fed began operations in 1914. It was founded by President Woodrow Wilson under the Federal Reserve Act, which was aimed at backing each banks in order to put a definitive end to the bank panics of the 1800s.

The following are functions of the Federal Reserve;

1. Maintaining federal government checking accounts and gold.

2. Maintaining and circulating currency.

3. Being the lender of last resort for banks.

The Federal Reserve System comprises of twelve (12) Federal Reserve Bank regionally across the United States of America and seven (7) board of governors.

A green book can be defined as a book used by the Federal Reserve Board of Governors to project economic indices and factors with respect to the economy of the United States of America. The Federal Reserve Board of Governors produces it before each meeting organized by the Federal Open Market Committee (FOMC).

Hence, the national economic forecast for the next two years prepared by the staff of the Board of Governors is published in the green book.

3 0
3 years ago
Northwest Molded molds plastic handles which cost $0.80 per handle to mold. The fixed cost to run the molding machine is $2105 p
Volgvan

Answer:

2105 units per week

Explanation:

At the break-even point, Northwest will not make any profits or losses. Using the variable cost analysis, At the break-even point, Sales match variable costs plus fixed costs.

The break-even point is calculated as fixed costs/ contribution margin per unit.

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Contribution margin = $1.0Break even = $2105 /$1.

=2105 units

3 0
3 years ago
Peggy, a fitness instructor at the local YMCA, has been invited by a publisher to meet with nine other people to discuss a new c
VladimirAG [237]

Answer:

True. Peggy has been invited to participate to a focus group.

Explanation:

A focus group is a meeting of a small group of people, for a moderate amount of time (usually 1 or 2 hours), with the goal of discussing a specific subject.

Focus groups have a moderator, and the participants know the objective of the focus group.

In this case, Peggy will be participating in a focus group, with 9 other people, and the subject that they will discuss is the concept of the new health and fitness magazine.

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3 years ago
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Katena32 [7]

Answer:

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Explanation:

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B offered to sell a boat to C for $35,000. C’s response stated “I accept your offer but I will also need the boat moved to my bo
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