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(Nonannual compounding using a calculator) Dennis Rodman has a $4,000debt balance on his Visa card that charges an APR of14.3percent compounded monthly. Dennis's current minimum
(Nonannual compounding using a calculator)
Dennis Rodman has a $4,000debt balance on his Visa card that charges an APR of14.3percent compounded monthly. Dennis's current minimum monthly payment is
4percent of his debt balance, $160.
How many months (round up) will it take Dennis to pay off his credit card if he pays the current miminum payment of
$160
at the end of each month?
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