Question
Sarah bought a raft for $608.66 using her credit card. The interest rate is 18% compounded monthly. If she pays $10 a month, how long
Sarah bought a raft for $608.66 using her credit card. The interest rate is 18% compounded monthly. If she pays $10 a month, how long will it take her to pay off the credit card?
| A. | 155 months | |
| B. | 60 months | |
| C. | 164 months | |
| D. | 43 months |
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
