Assume that you have a balance of $6000 on your Discover credit card and that you...
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Assume that you have a balance of $6000 on your Discover credit card and that you make no more charges. Assume that Discover charges 30% APR and that each month you make only the minimum payment of 2.5% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.) $ 6000 Assume that you have a balance of $6000 on your Discover credit card and that you make no more charges. Assume that Discover charges 30% APR and that each month you make only the minimum payment of 2.5% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.) $ 6000
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Present value 6000 monthly charge 3012 25 Therefore each month the ... View the full answer
Related Book For
Financial Theory and Corporate Policy
ISBN: 978-0321127211
4th edition
Authors: Thomas E. Copeland, J. Fred Weston, Kuldeep Shastri
Posted Date:
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