SOLUTION: Your holiday ski vacation was great, but it unfortunately ran a bit over budget. All is not lost. You just received an offer in the mail to transfer your $5,000 balance from your c

Question 835049: Your holiday ski vacation was great, but it unfortunately ran a bit over budget. All is not lost. You just received an offer in the mail to transfer your $5,000 balance from your current credit card, which charges an annual rate of 18.7 percent, to a new credit card charging a rate of 9.4 percent. You plan to make payments of $510 a month on this debt. How many less payments will you have to make to pay off this debt if you transfer the balance to the new card?
A. 0.36 payments
B. 0.48 payments
C.1.10 payments
D.1.23 payments
E. 2.49 payments

One year ago, Deltona Motor Parts deposited $16,500 in an investment account for the purpose of buying new equipment three years from today. Today, it is adding another $12,000 to this account. The company plans on making a final deposit of $20,000 to the account one year from today. How much will be available when it is ready to buy the equipment, assuming the account pays 5.5 interest?
A. $53,408
B.$53,919 ( I think it's this)
C.$56,211
D.$56,792
E.$58,021
On June 1, you borrowed $220,000 to buy a house. The mortgage rate is 8.25 percent. The loan is to be repaid in equal monthly payments over 15 years. The first payment is due on July 1. How much of the second payment applies to the principal balance? (Assume that each month is equal to 1/12 of a year.)
A.$626.08
B.$721.14
C.$1,358.56
D.$1,453.38
E.$2,056.70

Answer by 123456!(1) (Show Source): You can put this solution on YOUR website!

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