2. Suppose your credit card balance is $1,125. The minimum payment amount is $22, and the annual percentage is 18%. a. If you make a constant monthly payment of $22, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment?
2. Suppose your credit card balance is $1,125. The minimum payment amount is $22, and the annual percentage is 18%. a. If you make a constant monthly payment of $22, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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am.101.
Transcribed Image Text:2. Suppose your credit card balance is $1,125. The minimum payment amount is $22, and
the annual percentage is 18%.
a. If you make a constant monthly payment of $22, how long will it take you to pay off the
credit card balance?
b. How much interest will you pay if you elect to make the minimum payment?
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