Question
Frank is in love with Jenny. Before proposing, he bought a beautiful $2,700 diamond engagement ring and paid for it with his high-interest Visa card.
Frank is in love with Jenny. Before proposing, he bought a beautiful $2,700 diamond engagement ring and paid for it with his high-interest Visa card. If the minimum payment is $50 per month and Frank only pays the minimum each month, how many months will it take to pay off his $2,700 credit card (the company charges 22% APR)? How much interest will Frank pay on this loan?
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Personal Finance Essentials Saving And Investing
Authors: Julia A Heath
1st Edition
1604139897, 9781604139891
