How long will it take Kelsey to pay off her credit care if she pays the 2% minimum payment each month and her credit card charges 17% annual interest? She has $1000 on it currently and will not use it again until it is paid off. about 1.5 years about 3 years about 5 years about 7 years
How long will it take Kelsey to pay off her credit care if she pays the 2% minimum payment each month and her credit card charges 17% annual interest? She has $1000 on it currently and will not use it again until it is paid off. about 1.5 years about 3 years about 5 years about 7 years
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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![How long will it take Kelsey to pay off her credit care if she pays the 2% minimum payment each month
and her credit card charges 17% annual interest? She has $1000 on it currently and will not use it again
until it is paid off.
about 1.5 years
about 3 years
about 5 years
about 7 years](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65f9b216-8d80-4bfb-bb95-498eb036ad77%2Ff708deb3-03ea-4f61-a7a9-34849e9b056d%2F0uyprc8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:How long will it take Kelsey to pay off her credit care if she pays the 2% minimum payment each month
and her credit card charges 17% annual interest? She has $1000 on it currently and will not use it again
until it is paid off.
about 1.5 years
about 3 years
about 5 years
about 7 years
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