Question
Suppose your credit card balance is $ 15,500 . The minimum payment is $ 329 , and the annual percentage rate is 18.3 %. a.
Suppose your credit card balance is $15,500. The minimum payment is $329, and the annual percentage rate is 18.3%.
a.If you make a constant monthly payment of $329, how long will it take you to pay off the credit cardbalance?
b.How much interest will you pay if you elect to make the minimumpayment?
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Essentials of Managerial Finance
Authors: Scott Besley, Eugene F. Brigham
14th edition
324422709, 324422702, 978-0324422702
