Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover charges 30% APR and that each month you make only the minimum payment of 3% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.)

Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover charges 30% APR and that each month you make only the minimum payment of 3% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...

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Question

Assume that you have a balance of $5500 on your Discover credit card
and that you make no more charges. Assume that Discover charges
30% APR and that each month you make only the minimum payment
of 3% of the balance.
What will the balance be after 8 years? (Round your answer to the
nearest cent.)

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