Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have $ 2 0 , 0 0 0 of credit card debt with a rate of interest of 1 4 % . How long

You have $20,000 of credit card debt with a rate of interest of 14%. How long would it take to pay it off, if you make monthly payments of $285.10 and if you never use the card again?
147 months
150 months
152 months
154 months. Based on the correct answer to the previous question, how much total interest would you have paid?
$24,048.11
$17,054.70
$25,050.70
$21,909.70.

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_2

Step: 3

blur-text-image_3

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

Financial Management For Public, Health, And Not-for-Profit Organizations

Authors: Steven A. FinklerDaniel L. Smith, Thad D. Calabrese

6th Edition

978-1506396811, 150639681X

More Books

Students also viewed these Finance questions

Question

6 Explain the expectancy theory of motivation.

Answered: 1 week ago