The balance (debt) on your credit card is $2500. Your credit card APR is 6%. You are spending $100 each month. You are paying $300 to your credit card each month. How many months it takes to pay all your debt (balance)? NOTE: you need to use Excel to find the answer to this problem (Similar to the exercise we did in the class).
The balance (debt) on your credit card is $2500. Your credit card APR is 6%. You are spending $100 each month. You are paying $300 to your credit card each month. How many months it takes to pay all your debt (balance)? NOTE: you need to use Excel to find the answer to this problem (Similar to the exercise we did in the class).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The balance (debt) on your credit card is $2500.
Your credit card APR is 6%.
You are spending $100 each month. You are paying $300 to your credit card each month.
How many months it takes to pay all your debt (balance)?
NOTE: you need to use Excel to find the answer to this problem (Similar to the exercise we did in the class).
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