Give true solution You owe $2,000 on your creditcard. The interest rate they offeris 19.6% interest compoundedmonthly. If you can only makethe minimum monthly paymentof $40 per month, how manyyears will it take for you to bedebt-free?

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Answered: You owe $2,000 on your credit card. The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Today, you borrowed $3,200 on a credit card that charges an interest rate of 12.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $60? Please solve using financial calculator

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You owe $2,000 on your credit card. The interest rate they offer is 19.6% interest compounded monthly. If you can only make the minimum monthly payment of $40 per month, how many years will it take for you to be debt-free?