Check My Work re Values Click here to read the eBook: Future Values Click here t

Question

Check My Work re Values Click here to read the eBook: Future Values Click here to read the eBook: Semiannual and Other Compounding Periods PAYING OFF CREDIT CARDs Simon recently received a credit card with an 14% nominal interest rate. With the card he purtlased an Apple iPhone 5 for s490 The minimum payment on the card is on y s 10 per month. a. If simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest menth. 74 month(s) b. If Siman makes monthly payments of $30, how many months will it be before he pays off the debt? Do not round intermediate calculations. Round your answer to the nearest month. month s) 19 c. How much more in total payments will Simon make under the $10-a-month plan than under the $30-a-month plan. Do not round intermediate calculations. Round your answer to the nearest cent. 185.21 Hide Feedhack Partially Correct Check My Work

Explanation / Answer

more payment when $10 is paid instead of $30 is 184

using financial calculator , nper function Answer a NPER(14%/12,-10,490) 74 b NPER(14%/12,-30,490) 19 c) (73.09627043*10)-(18.22611103*30) 184.1793734 Rounded off 184

more payment when $10 is paid instead of $30 is 184

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