Question
Suppose your credit card balance is $17,000. The minimum payment is $357, and the annual percentage rate is 20.6%. a. If you make a constant
Suppose your credit card balance is $17,000. The minimum payment is $357, and the annual percentage rate is 20.6%.
a.If you make a constant monthly payment of $357, 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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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
14th edition
133879879, 978-0133879872
