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With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. With her
With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. With her first full-time paycheck in August, she vowed to pay $310 each month toward paying down her 9,240 outstanding balance and not to use the card. The card has an annual interest rate of 17 percent. If Rachel continues to pay $310per month, it will take her months to pay for her wardrobe. (Round to the nearest month.)
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