The annual interest rate on a credit card is 13.99%. If the minimum payment of $10 is made each month, how many months will it take to pay off an unpaid balance of $841.21? Assume that no new purchases are made with the credit card. RIOR It will take 59 months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)

The annual interest rate on a credit card is 13.99%. If the minimum payment of $10 is made each month, how many months will it take to pay off an unpaid balance of $841.21? Assume that no new purchases are made with the credit card. RIOR It will take 59 months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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