Question
Toruk has accumulated $5000 of credit card debt, which charges 16% APR interest. If he makes a monthly payment of $241 on the debt, how
Toruk has accumulated $5000 of credit card debt, which charges 16% APR interest. If he makes a monthly payment of $241 on the debt, how long will it take him to pay it off?
Enter answer in months, to two decimal places.
Bonus thinking question: how much in total will he pay to the bank before he's done?
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Financial Management For Public Health And Not For Profit Organization
Authors: Steven A. Finkler
3rd International Edition
0138152772, 9780138152772
