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Your credit card has a balance of $12,300. You decide to quit using your credit
card. Your interest rate (NAR, also called APR) is
19.7% compounded monthly. Show all work needed to answer
the following questions. (In all subsequent questions, "APR" means the same as "NAR".)
a. To pay off the credit card in 3 years, what
must your monthly payments be? How much will you pay in interest?
b. Suppose you decide that you can only afford to pay $300 per month on your debt. How long will it take to pay off your credit card debt?
Tech Stocks Close Change
AAPL (Apple) $113.40 −1.81
ADBE (Adobe Systems) $84.66 1.34
EBAY (eBay) $25.61 −0.31
MSFT (Microsoft) $3.90 −0.21
S (Sprint) $4.40 0.02
WIFI (Boingo Wireless) $8.51 0.56
ANF (Abercrombie & Fitch) $21.81 −0.02
B (Boeing) $133.99 −2.03
F (Ford Motor Co.) $13.91 −0.40
GE (General Electric) $25.10 0.01
GIS (General Mills) $57.12 0.33
JNJ (Johnson & Johnson) $93.26 0.13
Swift advised you to purchase a collection of two tech stocks and two non-tech stocks, all chosen at random from those listed in the table. You were to sell all the stocks at the end of the trading day.
(b) How many of the collections in part (a) consist entirely of stocks that declined in value by the end of the day?
(c) Using the answers to parts (a) and (b), what would you say your chances were of choosing a collection consisting entirely of stocks that declined in value by the end of the day?
Symbol Company Price ($) Yield
T AT&T 33.59 5.48%
VZ Verizon 46.78 4.70%
CVX Chevron 112.18 3.82%
MCD McDonald's 93.70 3.63%
PFE Pfizer 31.15 3.60%
Electric 25.27 3.48%
MRK Merck 56.79 3.17%
CAT Caterpillar 91.53 3.06%
XOM ExxonMobil 92.45 2.99%
KO Coca-Cola 42.22 2.89%
You decide to make a small portfolio consisting of a collection of 5 of the top 10 Dogs of the Dow.
How many of these portfolios contain at least four stocks with yields above 3.5%?