Question
Jake owes $3,000 on his credit card. He is not charging any additional purchases because he wants to get this debt paid in full. The
Jake owes $3,000 on his credit card. He is not charging any additional purchases because he wants to get this debt paid in full. The card has an annual rate of 18%. How long does it take to pay off this balance if he makes monthly payments of $30? What if he makes monthly payments of $50?
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
