Flip opened a credit card account. During the first month he purchased new cloths that totaled $1,505.57 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 1.9% of the remaining balance. If Flip only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of Flip's original purchases?
Flip opened a credit card account. During the first month he purchased new cloths that totaled $1,505.57 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 1.9% of the remaining balance. If Flip only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of Flip's original purchases?
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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Flip opened a credit card account. During the first month he purchased new cloths that totaled $1,505.57 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 1.9% of the remaining balance. If Flip only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of Flip's original purchases?
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