Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The annual interest rate on a credit card is 14.99%. If a payment of $100.00 is made each month, how many months will it take

image text in transcribed
The annual interest rate on a credit card is 14.99%. If a payment of $100.00 is made each month, how many months will it take to pay off an unpaid balance of $2,359.49? 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

The Complete Guide To Capital Markets For Quantitative Professionals

Authors: Alex Kuznetsov

1st Edition

0071468293, 978-0071468299

More Books

Students also viewed these Finance questions

Question

Evaluate the importance of the employee handbook.

Answered: 1 week ago

Question

Discuss the steps in the progressive discipline approach.

Answered: 1 week ago