Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have a balance of $7548 on your credit card, and you make no more charges. Assume that the card requires a minimum payment of
You have a balance of $7548 on your credit card, and you make no more charges. Assume that the card requires a minimum payment of 4% and carries an APR of 12.2%. Assume also that you make only the minimum payments. What is the balance after 3 years? Round your final answer to two decimal places
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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