Question
Suppose your credit card balance is $ 16,000 . The minimum payment is $ 329 , and the annual percentage rate is 19.3 %. a.
Suppose your credit card balance is $16,000. The minimum payment is $329, and the annual percentage rate is 19.3%.
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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Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Roberts, Hamdi Driss
8th Canadian Edition
01259270114, 9781259270116
