You have credit card debt of $1,000 at 20% APR compounded monthly. If you chargeno more purchases to the card and make monthly payments of $300, how manymonths will it take you to payoff your debt?

Borrowings are the liability of the borrower which is used to finance the requirement of the funds.…

Answered: You have credit card debt of $1,000 at…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PA: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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You have credit card debt of $1,000 at 20% APR compounded monthly. If you charge no more purchases to the card and make monthly payments of $300, how many months will it take you to payoff your debt?