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Points A man was unemployed for 5.19960575 months and accumulated 514045.85 of credit card debt. The nominal annual inte
Posted: Sun May 08, 2022 9:26 am
by answerhappygod
- Points A Man Was Unemployed For 5 19960575 Months And Accumulated 514045 85 Of Credit Card Debt The Nominal Annual Inte 1 (22.42 KiB) Viewed 26 times
Points A man was unemployed for 5.19960575 months and accumulated 514045.85 of credit card debt. The nominal annual interest rate on this credit card account is 15.59682% compounded monthly. Now that he is employed, the man plans to pay off this debt in four years by no longer making any purchases using this card and making regular monthly payments. (a) What is the effective annual interest rate being charged on the credit card account Effective annual interest rate: (b) What monthly payment is needed in order to fully pay off this debt in exactly four years? Monthly payments (c) Assuming the man makes the monthly payments as scheduled, how much will be owed on the debt after 12 payments are made? Amount remaining on debt $ Marks for What's This?