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Hey! this is my first post here and i am very sorry if i post this in the wrong area , please let me know! :-D
i got a question here just need some help !
"bras is pleased with your assistance in preparing his personal financial statements and your suggestions for improving his personal financial situation. he has called you for guidance on questions that have come to mind after reviewing the information you have given him.
first he wants to know what bank brokerage firm he should move his accounts to, he is most interested in a financial institution that will assist him in making investments and money management decisions. he finds saving accounts to be boring and has no desire to have one because the interest rate is so low.
brad is also concerned about his liquidity. his credit card. with a $65 annual fee and 21% annual rate compounded daily, is nearing its credit limit of $10 000. he is reluctant to sell his stock to get cash to pay off part of the credit balance. recall that brad thinks his stock has the potential to make him rich.
brad is questioning whether to pay off his credit card. he ca easily afford the required minimum monthly payments and sees no reason to pay off the balance"
1. if brads stock doubles in value over the next 5 years, what annual return , compounded monthly, would he realize? based on his projected annualized return, would it be advisable to sell the stock to pay off his credit card? should brad consider shopping for a new credit card? if so, how should he go about doing this?
2. address brads reluctance to pay off his credit card balance. show him what he could earn in 5 years if he paid the credit card balance off and invested the required minimum monthly payments saved at 6%, compounded monthly. NOTE: the required minimum monthly payment is 3% of the outstanding balance of $8000.
3. what are the consequences if brad decides to delay paying his credit card bill for a couple of months to reduce his expenses.
i got a question here just need some help !
"bras is pleased with your assistance in preparing his personal financial statements and your suggestions for improving his personal financial situation. he has called you for guidance on questions that have come to mind after reviewing the information you have given him.
first he wants to know what bank brokerage firm he should move his accounts to, he is most interested in a financial institution that will assist him in making investments and money management decisions. he finds saving accounts to be boring and has no desire to have one because the interest rate is so low.
brad is also concerned about his liquidity. his credit card. with a $65 annual fee and 21% annual rate compounded daily, is nearing its credit limit of $10 000. he is reluctant to sell his stock to get cash to pay off part of the credit balance. recall that brad thinks his stock has the potential to make him rich.
brad is questioning whether to pay off his credit card. he ca easily afford the required minimum monthly payments and sees no reason to pay off the balance"
1. if brads stock doubles in value over the next 5 years, what annual return , compounded monthly, would he realize? based on his projected annualized return, would it be advisable to sell the stock to pay off his credit card? should brad consider shopping for a new credit card? if so, how should he go about doing this?
2. address brads reluctance to pay off his credit card balance. show him what he could earn in 5 years if he paid the credit card balance off and invested the required minimum monthly payments saved at 6%, compounded monthly. NOTE: the required minimum monthly payment is 3% of the outstanding balance of $8000.
3. what are the consequences if brad decides to delay paying his credit card bill for a couple of months to reduce his expenses.
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