Joey realizes that he has charged too much on his credit, Financial Management

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Joey realizes that he has charged too much on his credit

1. Joey realizes that he has charged too much on his credit card and has racked up $5,200 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt?

2. You wish to buy a $22,500 car. The dealer offers you a 4-year loan with a 10.8 percent APR. What are the monthly payments? How would the payment differ if you paid interest only?

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Financial Management: Joey realizes that he has charged too much on his credit

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Financial Management: Joey realizes that he has charged too much on his credit

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