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You have a credit card with a balance of $11,800 and an APR of 17.4 percent compounded monthly. You have been making monthly payments of $230 per month, but you have received a substantial raise and will increase your monthly payments to $280 per month. How many months quicker will you be able to pay off the account? Multiple Choice 27.09 months 9.16 months 24.88 months 26.12 months 29.03 months

You have a credit card with a balance of $11,800 and an APR of 17.4 percent compounded monthly. You have been making monthly payments of $230 per month, but you have received a substantial raise and will increase your monthly payments to $280 per month. How many months quicker will you be able to pay off the account? Multiple Choice 27.09 months 9.16 months 24.88 months 26.12 months 29.03 months

Essentials Of Investments
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 have a credit card with a balance of $11,800 and an APR of 17.4 percent compounded monthly. You have been making monthly payments of $230 per month, but you have received a substantial raise and will increase your monthly payments to $280 per month. How many months quicker will you be able to pay off the account? Multiple Choice 27.09 months 9.16 months 24.88 months 26.12 months 29.03 months
Transcribed Image Text:You have a credit card with a balance of $11,800 and an APR of 17.4 percent compounded monthly. You have been making monthly payments of $230 per month, but you have received a substantial raise and will increase your monthly payments to $280 per month. How many months quicker will you be able to pay off the account? Multiple Choice 27.09 months 9.16 months 24.88 months 26.12 months 29.03 months
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