Question
Suppose your credit card balance is $16,000. The minimum payment is $349, and the annual percentage rate is 20.6%. a. If you make a constant
Suppose your credit card balance is $16,000. The minimum payment is $349, and the annual percentage rate is 20.6%.
a.If you make a constant monthly payment of $349, 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?
a.If you make a constant monthly payment of $349, how long will it take you to pay off the credit cardbalance?
In months(Round to four decimalplaces.)
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College Accounting, Chapters 1- 15
Authors: James A. Heintz, Robert W. Parry
23rd Edition
0357391942, 9780357391945
