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How many months does it take to pay off the card, and what is the total amount paid including interest?

How many months does it take to pay off the card, and what is the total amount paid including interest?

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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No Plagirism Please!

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided

You have a credit card with a balance of $1,367 90 at a 95% APR. You pay $400.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest?

Be sure to include in your response

the answer to the original question

the mathematical steps for solving the problem demonstrating mathematical reasoning

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. You have a credit card with a balance of $1,367.90 at a 9.5% APR. You pay $400.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest? Be sure to include in your response: • the answer to the original question • the mathematical steps for solving the problem demonstrating mathematical reasoning
Transcribed Image Text:Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. You have a credit card with a balance of $1,367.90 at a 9.5% APR. You pay $400.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest? Be sure to include in your response: • the answer to the original question • the mathematical steps for solving the problem demonstrating mathematical reasoning
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