Question
Suppose you have a credit card debt of $27,000. How long (in years) will it take to repay the debt by making only the minimum
Suppose you have a credit card debt of $27,000.
How long (in years) will it take to repay the debt by making only the minimum monthly payments?
What is the total interest you would pay on the debt?
The interest rate is 19.99% per year, compounded monthly. The minimum monthly payment is 2% of the outstanding amount (principle and interest) or $10, whichever is greater.
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The Oxford Handbook Of Entrepreneurial Finance
Authors: Douglas Cumming
1st Edition
0195391241, 978-0195391244
