Question
You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 18.99% annual interest, compounded monthly. If you make the
You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 18.99% annual interest, compounded monthly. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance?
| 79 months | ||
| 31 months | ||
| 64 months | ||
| 54 months |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Management Principles And Applications
Authors: Arthur J. Keown, J. William Petty, John D. Martin, Jr. Scott, David F.
10th Edition
0131450654, 9780131450653
