Question
At present, the average undergraduate student is responsible for paying off a $3500 balance on his credit card reaching its maximum credit limit. Suppose the
At present, the average undergraduate student is responsible for paying off a $3500 balance on his credit card reaching its maximum credit limit. Suppose the monthly interest rate is 1.75%. How many years will it take to repay the $3500 balance assuming monthly payments of $100 are made and no additional hidden charges to the credit card?
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Quantitative Methods for Business
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
13th edition
1285866312, 978-0357685648, 978-1285866314
