Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Recently, you made multiple large purchases on your credit card totaling $17,900. The interest rate on your credit card is 15.4% per year, compounded monthly,

Recently, you made multiple large purchases on your credit card totaling $17,900. The interest rate on your credit card is 15.4% per year, compounded monthly, and your statement says your minimum payment is $280 per month. (a) How many minimum payments will you need to make in order to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? (Round your answer up to the nearest number of payments.) You will need

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Recession Proof Setups 21 Proven Stock Market Trading Strategies In A Bear Market

Authors: Matthew Giannino

1st Edition

1734554037, 978-1734554038

More Books

Students also viewed these Finance questions

Question

What are bamers to eITect1ve communication?

Answered: 1 week ago