Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A career counselor decides to make monthly payments of $150 on a credit card debt of $3,447.67 and discontinue using that credit card. Assuming the
A career counselor decides to make monthly payments of $150 on a credit card debt of $3,447.67 and discontinue using that credit card. Assuming the monthly interest rate is 1.65%, it will take the counselor approximately 30 months to repay the debt. How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200? (Round your answer to the nearest month.)
Step by Step Solution
★★★★★
3.44 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
The first step is to calculate the monthly interest charge on the debt which is 344767 165 5708 Next ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Contemporary Business Mathematics With Canadian Applications
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
12th Edition
0135285011, 978-0135285015
