Question
Your credit card charges an interst rate of 2% per month. You have a current balance of $1000, and want to pay it off. Suppose
Your credit card charges an interst rate of 2% per month. You have a current balance of $1000, and want to pay it off. Suppose you can afford to pay off $100 per month. What will your balance be at the end of one year?
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. Mcguigan, William J. Kretlow
9th Edition
032416470X, 9780324164701
