Question: Use the following data to determine how long it will take to pay off the balance. Your current balance is $20,000. At the end of

Use the following data to determine how long it will take

Use the following data to determine how long it will take to pay off the balance. Your current balance is $20,000. At the end of year 5 , you appy your full Income Tax refund ($2,000) to your credit card balance. Now how long will it take to pay off your balance? Number of months to pay off balance Annual Rate Minimum Percentage Minimum Payment Additional monthly rate 22.00% 5.00% $60.00 1.83% Minimum Additional Month Payment Interest Payment Principal Balance Use the following data to determine how long it will take to pay off the balance. Your current balance is $20,000. At the end of year 5 , you appy your full Income Tax refund ($2,000) to your credit card balance. Now how long will it take to pay off your balance? Number of months to pay off balance Annual Rate Minimum Percentage Minimum Payment Additional monthly rate 22.00% 5.00% $60.00 1.83% Minimum Additional Month Payment Interest Payment Principal Balance

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