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With only a? part-time job and the need for a professional? wardrobe, Rachel quickly maxed out...

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Finance

With only a? part-time job and the need for a professional?wardrobe, Rachel quickly maxed out her credit card the summer aftergraduation. With her first? full-time paycheck in? August, shevowed to pay ?$210 each month toward paying down her $7827outstanding balance and not to use the card. The card has an annualinterest rate of 18 percent. How long will it take Rachel to payfor her? wardrobe? Should she shop for a new? card? Why or why?not?

Answer & Explanation Solved by verified expert
4.0 Ratings (837 Votes)
Calculation By Excel Formula Steps to calculate As yearly rate is 18 hence monthly would be 15 so fix it up with Formula then calculate monthly interest Deduct monthly interest from fixed monthly payment which is 210 Deduct monthly installment from principal amount to calculate further As next interest amount will be calculated from remaining principal Working is below Rate of Interest pa 18 Principal Amount 7827 Rate pm 0015 Monthly Payment Principal Paid Interest Paid Remaining Balance 210 92595 117405 7734405 210 93983925 1160161 7640421075 210 9539368388 1146063 754643715 210 9680344275 1131966 7451043466 210 9823434801 1117657 7354240023 210 9968639965 1103136 7256005675 210 1011599149 1088401 7156319276 210 1026552109    See Answer
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Transcribed Image Text

With only a? part-time job and the need for a professional?wardrobe, Rachel quickly maxed out her credit card the summer aftergraduation. With her first? full-time paycheck in? August, shevowed to pay ?$210 each month toward paying down her $7827outstanding balance and not to use the card. The card has an annualinterest rate of 18 percent. How long will it take Rachel to payfor her? wardrobe? Should she shop for a new? card? Why or why?not?

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