Question
Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each
Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month and the card charges 18 percent, APR (compounded monthly), how long will it take him to pay off the debt?
*Please show the formula and the process to get to the result.
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An Introduction to Investment Banks, Hedge Funds, and Private Equity
Authors: David P. Stowell
1st edition
978-0123745033, 0123745039, 978-9380931074
