Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have a $22,000 credit card balance with an APR of 16.9%, compounded monthly, and you can afford to pay $400 per month to pay

  1. You have a $22,000 credit card balance with an APR of 16.9%, compounded monthly, and you can afford to pay $400 per month to pay down your credit card. How long in months would it take you to pay off this balance?

PV=

FV=

PMT=

N=

I/Y=

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

Finance Applications And Theory

Authors: Marcia Cornett, Troy Adair, John Nofsinger

1st Edition

ISBN: 0073382256, 9780073382258

More Books

Students also viewed these Finance questions

Question

why you want to attend graduate school in general;

Answered: 1 week ago