Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The annual interest rate on a credit card is 17.99%. If the minimum payment of $40 is made each month, how many months will it

The annual interest rate on a credit card is 17.99%. If the minimum payment of $40 is made each month, how many months will it take to pay off an unpaid balance of $945.19? Assume that no new purchases are made with the credit card. It will take how many months to pay off the 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

International Finance Transactions Policy And Regulation

Authors: Hal Scott, Anna Gelpern

21st Edition

1634602048, 978-1634602044

More Books

Students also viewed these Finance questions

Question

Understand some techniques for evaluating the HRM function

Answered: 1 week ago