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(Nonannual compounding using a calculator) Dennis Rodman has a $5,500 debt balance on his Visa card that charges an APR of 12.1 percent compounded monthly.
(Nonannual compounding using a calculator) Dennis Rodman has a $5,500 debt balance on his Visa card that charges an APR of 12.1 percent compounded monthly. Dennis's current minimum monthly payment is 5 percent of his debt balance, $275. How many months(round up) will it take Dennis to pay off his credit card if he pays the current miminum payment of $275 at the end of eachmonth? How many months will take Dennis to pay off his credit card?
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