55 48 12 FIN 300 TVM PV Ord Annuity Loans 28 Loan Length Credit Card By the way

# 55 48 12 fin 300 tvm pv ord annuity loans 28 loan

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𝑝 𝑖𝑝 𝑝𝑝𝑝𝑦𝑚 = 55. 48𝑝𝑝𝑚𝑚 12 = 𝟒 . 𝟔𝟔 𝐲𝐲𝐲𝐲𝐲 FIN 300 - TVM PV Ord Annuity Loans 28
Loan Length – Credit Card By the way, if you had the same card, rate, and balance And, you tried to pay down the card balance with \$200 payments, how long would it take Answer: never! Think back to interest & principal – Note that \$200 is exactly equal to each month’s interest on the \$10,000 balance In the first \$200 payment, you pay exactly the interest (2% of \$10,000 = \$200) – so, the principal never, ever goes down And, if you paid less than \$200/month, you would just add to principal each and every month! You pay less than interest – don’t think they’ll let you do that! FIN 300 - TVM PV Ord Annuity Loans 29

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