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i need help with question 6, I need explanation on how the answer was found 6. Bonus Question 10 points. Assume you have a balance

i need help with question 6, I need explanation on how the answer was found image text in transcribed
6. Bonus Question 10 points. Assume you have a balance of $500 on your credit card and you pay the minimum monthly payment of $50. If the APR on the credit card is 24%, a) how many months will it take you to pay off the credit card balance? b) what is the effective annual rate on the credit card? + 2% FB FC FD RATE 0.02 Monthly interest PMT-50 Monthly payment PV 500 Balance Due NPER NPER(FC1.FC2 FC3) Months Page 7 of 8 English (United States) C 1

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