Question
Your sister has a $5,000 debt balance on her credit card that charges 18.5% interest compounded semi-annually.The monthly payment is 3% of the starting debt
Your sister has a $5,000 debt balance on her credit card that charges 18.5% interest compounded semi-annually.The monthly payment is 3% of the starting debt balance.
Required:
If your sister stops using the credit card for purchases, how many months (round up) will it take her to pay off the credit card balance?
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur J. Keown, John H. Martin
13th edition
134417216, 978-0134417509, 013441750X, 978-0134417219
