You are late paying a bill for $10,649.04. You have made arrangements to pay off the bill in installments of $260 per month, and you will be charged monthly interest of 1.5% on the overdue balance. How many months will it take you to pay off the account balance?
You are late paying a bill for $10,649.04. You have made arrangements to pay off the bill in installments of $260 per month, and you will be charged monthly interest of 1.5% on the overdue balance. How many months will it take you to pay off the account balance?
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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You are late paying a bill for $10,649.04. You have made arrangements to pay off the bill in installments of $260 per month, and you will be charged monthly interest of 1.5% on the overdue balance. How many months will it take you to pay off the account balance?
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