Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If he can pay $125 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months
Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If he can pay $125 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months
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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Transcribed Image Text:Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If he can pay $125 each month and
the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate
calculations and round your final answer to 2 decimal places.)
Time to pay off the debt
months
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