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Calvin Johnson has a $5 ,000 debt balance on his Visa card that charges 17.8 percent APR compounded monthly. In 2009, Calvin's minimum monthly payment
Calvin Johnson has a $5,000 debt balance on his Visa card that charges 17.8 percent APR compounded monthly. In 2009, Calvin's minimum monthly payment is 4 percent of his debt balance, which is $200. How many months (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of $200 at the end of each month?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
15th edition
1337671002, 978-1337395250
