"Joey has an outstanding credit card balance of $21,155 carrying an APR finance rate of 11.7% (note interest will be compounded monthly) and requiring minimum monthly payments of $430 per month - If only the minimum monthly payment is made, how many months will it take to completely pay off this credit card balance (assuming no new charges)?" 49.2 75.2 60.3 55.0 68.2 69.8 67.3
"Joey has an outstanding credit card balance of $21,155 carrying an APR finance rate of 11.7% (note interest will be compounded monthly) and requiring minimum monthly payments of $430 per month - If only the minimum monthly payment is made, how many months will it take to completely pay off this credit card balance (assuming no new charges)?" 49.2 75.2 60.3 55.0 68.2 69.8 67.3
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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Question
Transcribed Image Text:"Joey has an outstanding credit card
balance of $21,155 carrying an APR
finance rate of 11.7% (note interest will
be compounded monthly) and
requiring minimum monthly payments
of $430 per month - If only the
minimum monthly payment is made,
how many months will it take to
completely pay off this credit card
balance (assuming no new charges)?"
49.2
75.2
60.3
55.0
68.2
69.8
67.3
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