janice is an interior designer and wants to borrow $5000 so she can attend a trade show in new york. her credit union has offered her an unsecured line of credit at an annual rate of 9.25% compounded weekly . use the finance application of your calculator and fill in the correct inputs.
a) if she was able to pay back $200 per month , how long would it take her to pay off the loan ?
n=______ I%=______ PV=_____ PMT=_____ FV=_____ P/Y=_____ C/Y=______
b) how much interest would she have paid ?
c) how much interest would she have paid if she had been able to afford to pay back $300 per month?
n=____ I%=____ PV=____ PMT=_____ FV=______ P/Y=_____ C/Y=_____
janice is an interior designer and wants to borrow $5000 so she can attend a trade show in new york. her credit union has offered her an unsecured line of credit at an annual rate of 9.25% compounded weekly . use the finance application of your calculator and fill in the correct inputs.
a) if she was able to pay back $200 per month , how long would it take her to pay off the loan ?
n=_~28 I%=9.28 PV=5,000 PMT=$200 FV=$6,197.94 P/Y=12 C/Y=52
b) how much interest would she have paid ? $577.60
c) how much interest would she have paid if she had been able to afford to pay back $300 per month?
n=~18 I%=9.28 PV=5,000 PMT=$300 FV=$5,739.56 P/Y=12 C/Y=52
@ $300 a month, she would pay a total of $373.45 in interest.
