As of today, Joe owns debt on two credit cards: Citi $1,900 and Amex $3,260. He...
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As of today, Joe owns debt on two credit cards: Citi $1,900 and Amex $3,260. He is not charging additional purchases because he wants to get this debt all paid off. Both cards have an APR of 16.8%. First monthly payback will begin one month from now. Part 1 Attempt 1/3 for 10 pts. How long (# of months, keep the decimal) does it take to pay off Citi? if he only makes monthly minimum payments of $29? 0+ decimals Submit Part 2 How long does it take to pay off Amex? if he only makes monthly minimum payments of $39? Attempt 1/3 for 10 pts. Let's approach this question differently by answering how much upfront Amex debt can be paid off if Joe keeps paying $39 month after month forever? (compare to the debt balance of $3,260, what do you see) 0+ decimals Submit As of today, Joe owns debt on two credit cards: Citi $1,900 and Amex $3,260. He is not charging additional purchases because he wants to get this debt all paid off. Both cards have an APR of 16.8%. First monthly payback will begin one month from now. Part 1 Attempt 1/3 for 10 pts. How long (# of months, keep the decimal) does it take to pay off Citi? if he only makes monthly minimum payments of $29? 0+ decimals Submit Part 2 How long does it take to pay off Amex? if he only makes monthly minimum payments of $39? Attempt 1/3 for 10 pts. Let's approach this question differently by answering how much upfront Amex debt can be paid off if Joe keeps paying $39 month after month forever? (compare to the debt balance of $3,260, what do you see) 0+ decimals Submit
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Part 1 To calculate the number of months it will take to pay off the Citi credit card debt we can us... View the full answer
Related Book For
Introduction to Probability
ISBN: 978-0716771098
1st edition
Authors: Mark Daniel Ward, Ellen Gundlach
Posted Date:
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