Question
Suppose your credit card balance is $15,500. The minimum payment is $353, and the annual percentage rate is 19.3%. a. If you make a constant
Suppose your credit card balance is $15,500. The minimum payment is $353, and the annual percentage rate is 19.3%.
a.If you make a constant monthly payment of $353, 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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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
13th edition
978-1285027371, 128502737X, 978-1133541141
