The annual interest rate on a credit card is 12.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of $2,591.44? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)
The annual interest rate on a credit card is 12.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of $2,591.44? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)
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:The annual interest rate on a credit card is 12.99%. If a payment of $300.00 is made each month, how
many months will it take to pay off an unpaid balance of $2,591.44? Assume that no new purchases are
made with the credit card.
It will take months to pay off the unpaid balance.
(Do not round until the final answer. Then round up to the nearest integer as needed.)
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