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Problem:

Simon recently recieved a credit card with an 18% nominal intrest rate. With the card,he pruchased an Apple Iphone 5 for $372.71. The minimum payment on the card is only $10 per month.

Required:

Question 1: If Simon makes the minimum monthly payment and makes no other changes,how many months will it be before he pays off the card? Round to the nearest month.

Question 2: If Simon makes monthly payment of $35,how many months will it be before he pays off the debt? Round to the nearest month.

Question 3: How much more in total payments will Simon make under the $10-a month plan than under the $35-a-month plan? Make sure you use three decimal places for N.

Note: Explain all calculation and formulas.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164143

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