Suppose your credit card balance is $16,000. The minimum payment is $312, and the annual percentage...
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Suppose your credit card balance is $16,000. The minimum payment is $312, and the annual percentage rate is 20.8%. a. If you make a constant monthly payment of $312, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Suppose your credit card balance is $16,000. The minimum payment is $312, and the annual percentage rate is 20.8%. a. If you make a constant monthly payment of $312, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment?
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a If you make a constant monthly payment of 312 the monthly interest rate on the credit card balance ... View the full answer
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Posted Date:
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