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Dennis Rodman has a $4,000 debt balance on his Visa card that charges an APR of 12.7 percent compounded monthly. Dennis's current minimum monthly
Dennis Rodman has a $4,000 debt balance on his Visa card that charges an APR of 12.7 percent compounded monthly. Dennis's current minimum monthly payment is 3 percent of his debt balance, $120. How many months (round up) will it take Dennis to pay off his credit card if he pays the current miminum payment of $120 at the end of each month?
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
