Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your credit card carries an APR of 22.24% compounded monthly. If your minimum monthly payment is $190 per month, how long will it take
Your credit card carries an APR of 22.24% compounded monthly. If your minimum monthly payment is $190 per month, how long will it take you to pay off a balance of $5,000 paying only the minimum monthly payment (assuming there are no additional charges)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To find out how long it will take to pay off the balance of 5000 with a minimum mont...
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
Contemporary Business Mathematics With Canadian Applications
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
12th Edition
0135285011, 978-0135285015
