Question
Eileen, who is currently paying $1,914 per year in finance charges to her credit cardcompany, wants a car that costs $9,000. How long would it
Eileen, who is currently paying $1,914 per year in finance charges to her credit cardcompany, wants a car that costs $9,000. How long would it have taken Eileen to save for the outright purchase of the car if she did not have any credit card debt and used the interest payments to save for the purchase of thecar? Eileen can invest funds in an account paying 6% interest.
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Financial Management for Public, Health and Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
5th edition
1506326846, 9781506326863, 1506326862, 978-1506326849
