5-55A. (Nonannual compounding using a calculator) Dennis Rodman has a $5,000 debt balance on his Visa card
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5-55A. (Nonannual compounding using a calculator) Dennis Rodman has a $5,000 debt balance on his Visa card that charges 12.9 percent APR compounded monthly. Dennis' current minimum monthly payment is 3 percent of his debt balance, which is $150. How many months (round up)
will it take Dennis Rodman to payoff his credit card if he pays the current minimum payment of
$150 at the end of each month?
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Related Book For 
Financial Management Principles And Applications
ISBN: 9780131450653
10th Edition
Authors: Arthur J. Keown, J. William Petty, John D. Martin, Jr. Scott, David F.
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