Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose your credit card balance is $15,000 The minimum payment is $313 and the annual percentage rate is 19.5%. a.If you make a constant monthly
Suppose your credit card balance is
$15,000
The minimum payment is
$313
and the annual percentage rate is
19.5%.
a.If you make a constant monthly payment of
$313
how long will it take you to pay off the credit card balance?
b.How much interest will you pay if you elect to make the minimum payment?
a.If you make a constant monthly payment of
$313
how long will it take you to pay off the credit card balance?
months(Round to four decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started