2. Suppose your credit card balance is $1,125. The minimum payment amount is $22, and the annual percentage is 18%. a. If you make a constant monthly payment of $22, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment?

2. Suppose your credit card balance is $1,125. The minimum payment amount is $22, and the annual percentage is 18%. a. If you make a constant monthly payment of $22, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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