Question
Suppose your credit card balance is $16,000. The minimum payment is $352, and the annual percentage rate is 19.9%. A. If you make a constant
Suppose your credit card balance is $16,000. The minimum payment is $352, and the annual percentage rate is 19.9%.
A. If you make a constant monthly payment of $352, how many months will it take you to pay off the balance?
B. How much interest will you pay if you elect to pay the minimum amount?
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur J. Keown, John H. Martin
13th edition
134417216, 978-0134417509, 013441750X, 978-0134417219
