Purchase Solution

Present value problem

Not what you're looking for?

Ask Custom Question

You charged $2400 on your credit card for holiday gifts. Your credit card company charges you 8% annual interest, compounded monthly. If you make the minimum payments of $75 per month, how long will it take (to the nearest month) to pay off your balance?
80 months
48 months
24 months
36 months

Purchase this Solution

Solution Summary

This solution helps calculate present value.

Solution Preview

We use the annual formula to solve this question.

The annuity formula states

Present value = ...

Purchase this Solution

Free BrainMass Quizzes
Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.


This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.