ou owe $1239 on your credit card. Yc nake a minimum payment of $55 eacl month. The rate on the credit card is

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
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You owe $1239 on your credit card. You
make a minimum payment of $55 each
month. The rate on the credit card is
22.99% compounded monthly. How long
will it take you to pay off the card?
[m] months
Transcribed Image Text:You owe $1239 on your credit card. You make a minimum payment of $55 each month. The rate on the credit card is 22.99% compounded monthly. How long will it take you to pay off the card? [m] months
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