Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose your credit card balance is $8,750 The minimum payment amount is $181.64, and the annual percentage rate is 9%. If you make a constant

Suppose your credit card balance is $8,750 The minimum payment amount is $181.64, and the annual percentage rate is 9%. If you make a constant monthly payment of $181.64, how many months will it take you to pay off the credit balance?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions