Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have a credit card with an APR of 2 4 % . The card requires a minimum monthly payment of 8 % of the

You have a credit card with an APR of 24%. The card requires a minimum monthly payment of 8% of the balance. You have a balance of $8300. You stop charging and make only the minimum monthly payment. What is the balance on the card after forty-five months? (Round your answer to the nearest cent.)

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

American Public School Finance

Authors: William Owings, Leslie Kaplan

2nd Edition

1111838046, 978-1111838041

More Books

Students also viewed these Finance questions

Question

What does an ANOV table summarize?

Answered: 1 week ago

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

Define line and staff authority

Answered: 1 week ago

Question

Define the process of communication

Answered: 1 week ago

Question

Explain the importance of effective communication

Answered: 1 week ago