Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s expects the minimum payment to be 3.9% of the balance. What is Angela’s minimum payment? How long will it take Angela to pay off her Macy’s credit card? How much interest will Angela pay if she only pays the minimum payment? Show steps.
Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s expects the minimum payment to be 3.9% of the balance. What is Angela’s minimum payment? How long will it take Angela to pay off her Macy’s credit card? How much interest will Angela pay if she only pays the minimum payment? Show steps.
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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Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s expects the minimum payment to be 3.9% of the balance. What is Angela’s minimum payment? How long will it take Angela to pay off her Macy’s credit card? How much interest will Angela pay if she only pays the minimum payment? Show steps.
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