The annual percentage rate (APR) on your credit card is 17.8% (monthly compounded). During the first...

Transcribed Image Text:

The annual percentage rate (APR) on your credit card is 17.8% (monthly compounded). During the first week of school, you racked up $500 in credit card debt. You do not have access to a cheaper source of financing, and you definitely do not want to tell your parents, so you decided that you will pay it all back in $80 equal monthly installments. Your first payment is due today. How long will it take to bring your credit card balance to zero? The annual percentage rate (APR) on your credit card is 17.8% (monthly compounded). During the first week of school, you racked up $500 in credit card debt. You do not have access to a cheaper source of financing, and you definitely do not want to tell your parents, so you decided that you will pay it all back in $80 equal monthly installments. Your first payment is due today. How long will it take to bring your credit card balance to zero?

Answer rating: 100% (QA)

Assuming the 500 balance is the only outstanding balance on the credit card and that no additional ... View the full answer