Question
Problem 5-42 Number of Annuity Payments (LG5-10) Phoebe realizes that she has charged too much on her credit card and has racked up $5,000 in
Problem 5-42 Number of Annuity Payments (LG5-10)
Phoebe realizes that she has charged too much on her credit card and has racked up $5,000 in debt. If she can pay $225 each month and the card charges 15 percent APR (compounded monthly), how long will it take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Time to pay off the debt ___ months
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Financial Modeling
Authors: Simon Benninga, Tal Mofkadi
5th Edition
0262046423, 9780253337825
