2.) You have a credit card with an APR of 36%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $8500. You stop charging and make only the minimum monthly payment. What is the balance on the card after eight years? (Round your answer to the nearest cent.)
2.) You have a credit card with an APR of 36%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $8500. You stop charging and make only the minimum monthly payment. What is the balance on the card after eight years? (Round your answer to the nearest cent.)
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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![2.) You have a credit card with an APR of 36%. The card requires a
minimum monthly payment of 5% of the balance. You have a balance
of $8500. You stop charging and make only the minimum monthly
payment. What is the balance on the card after eight years? (Round
your answer to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22607049-8dc5-446c-8b0d-62436fd8b160%2F2fb5eabb-c288-49dc-b48f-edcf5bcc2009%2F6ua6f6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2.) You have a credit card with an APR of 36%. The card requires a
minimum monthly payment of 5% of the balance. You have a balance
of $8500. You stop charging and make only the minimum monthly
payment. What is the balance on the card after eight years? (Round
your answer to the nearest cent.)
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