Hoong Du has a ($6,400) debt balance on his American Express card that charges an APR of
Question:
Hoong Du has a \($6,400\) debt balance on his American Express card that charges an APR of 12.6 percent compounded monthly. Hoong’s current minimum monthly payment is 4 percent of his debt balance, or \($170.\) How many months (round up to the nearest month) will it take Hoong to pay off his credit card if he makes a payment of \($170\) at the end of each month?
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To calculate the number of months it will take Hoong to pay off his credit card debt we can use the ...View the full answer
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Related Book For 
Foundations Of Finance
ISBN: 9781292318738
10th Global Edition
Authors: Arthur Keown, John Martin, J. Petty
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