Question
Suppose your credit card balance is $ 17,000 . The minimum payment is $ 348 , and the annual percentage rate is 19.9 %. a.
Suppose your credit card balance is $17,000. The minimum payment is $348, and the annual percentage rate is 19.9%.
a.If you make a constant monthly payment of $348, 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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Introduces Quantitative Finance
Authors: Paul Wilmott
2nd edition
470319585, 470319581, 978-0470319581
