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1) the time line, 2) inputs to, and 3) output from the financial calculator. 9. Tiffany recently received a credit card with a 19 percent
1) the time line, 2) inputs to, and 3) output from the financial calculator.
9. Tiffany recently received a credit card with a 19 percent nominal interest rate that is compounded monthly. With the card, she purchased a new 64GB iPhone 11 Pro for $1,080.00 (including tax). The minimum payment on the card is $35 per month. a. If she makes the minimum payment of $35 per month and makes no other charges, how long will it be before she pays off the card? Round to the nearest month. b. If she doubles the minimum payment ($70) per month how long will it take her to pay off the debt? Round to the nearest month. 9. Tiffany recently received a credit card with a 19 percent nominal interest rate that is compounded monthly. With the card, she purchased a new 64GB iPhone 11 Pro for $1,080.00 (including tax). The minimum payment on the card is $35 per month. a. If she makes the minimum payment of $35 per month and makes no other charges, how long will it be before she pays off the card? Round to the nearest month. b. If she doubles the minimum payment ($70) per month how long will it take her to pay off the debt? Round to the nearest monthStep by Step Solution
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