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Dennis Rodman has a exist5,000 debt balance on his Visa card that charges an APR of 10.9 percent compounded monthly. Dennis's current minimum monthly payment
Dennis Rodman has a exist5,000 debt balance on his Visa card that charges an APR of 10.9 percent compounded monthly. Dennis's current minimum monthly payment is 5 percent of his debt balance, exist250. How many months (round up) will it take Dennis to pay off his credit card if he pays the current minimum payment of exist250 at the end of each month? How many months will it take Dennis to pay off his credit card? months (Round up to the nearest unit.)
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