Question: While on spring break in Margaritaville last year, you bought cocktails for everyone. When you woke up, the bartender brought you a bill for $2,000.00.

 While on spring break in Margaritaville last year, you bought cocktails

While on spring break in Margaritaville last year, you bought cocktails for everyone. When you woke up, the bartender brought you a bill for $2,000.00. You put the bill on your credit card that charges a 15% interest rate. If you make the minimum payment of $30 per month, how long will it take you to pay it off? Select one: a. 10 years to 15 years b. More than 20 years c. 5 years to 10 years d. Less than 5 years

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!