Thom owes $7,200 on his credit card. The credit card carries an APR of 18.4 percent compounded

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Thom owes $7,200 on his credit card. The credit card carries an APR of 18.4 percent compounded monthly. If Thom makes payments of $225 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges?

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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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Posted Date: Nov 10, 2022 06:33 AM

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Thom owes $7,200 on his credit card. The credit card carries an APR of 18.4 percent compounded

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It would take Thom 32 months to pay off his credit card 7200 x 184 1316 131632 41 225 41 184 7200 18... View the full answer

Accounting

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