You accumulated a balance of $2,300 on your credit card that carries an interest rate of 17%. You can't afford to pay the $2,300 all at once, but you can pay the minimum payment, which is 2% per month (not less than $25). What is the balance on your card after 5 years?
You accumulated a balance of $2,300 on your credit card that carries an interest rate of 17%. You can't afford to pay the $2,300 all at once, but you can pay the minimum payment, which is 2% per month (not less than $25). What is the balance on your card after 5 years?
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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Please answer both questions if you unable to answer in both question then please answer only question 9.
I will provide you positive response
Transcribed Image Text:You accumulated a balance of $2,300 on your credit card that carries an interest rate of 17%. You can't afford to pay the
$2,300 all at once, but you can pay the minimum payment, which is 2% per month (not less than $25).
What is the balance on your card after 5 years?
Question 9
How many months will it take you to pay off the credit card if you continue to make the minimum payment?
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