Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The annual interest rate on a credit card is 12.99%. If a payment of $400.00 is made each month, how many months will it take

The annual interest rate on a credit card is 12.99%. If a payment of $400.00 is made each month, how many months will it take to pay off an unpaid balance of $2,529.36?

Assume that no new purchases are made with the credit card.

It will take ? months to pay off the unpaid balance.

(Do not round until the final answer. Then round up to the nearest integer as needed.)

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

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Mathematics questions