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During his studies, Marc accumulated a debt of $5000 on his Visa card that charges 18.9% interest per year, and his minimum payment is $150
During his studies, Marc accumulated a debt of $5000 on his Visa card that charges 18.9% interest per year, and his minimum payment is $150 a month.
A) How many months will it take Marc to pay off his credit card, if he pays the current minimum payment of $150 at the end of each month? (Hint: Convert the yearly interest to monthly)
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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
