(b) With a constant monthly payment of $40 per month, how many years would it take to pay off the balance? (c) If you paid twice the minimum payment, how long would it take to pay off the card? What is the total amount you would pay? ___years Total of $___ (d) How much money would you save in interest if you paid twice the minimum payment?
(b) With a constant monthly payment of $40 per month, how many years would it take to pay off the balance? (c) If you paid twice the minimum payment, how long would it take to pay off the card? What is the total amount you would pay? ___years Total of $___ (d) How much money would you save in interest if you paid twice the minimum payment?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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(b) With a constant monthly payment of $40 per month, how many years would it take to pay off the balance?
(c) If you paid twice the minimum payment, how long would it take to pay off the card? What is the total amount you would pay?
___years
Total of $___
(d) How much money would you save in interest if you paid twice the minimum payment?
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