(Use Formula Approach or Calculator Approach) You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?
(Use Formula Approach or Calculator Approach) You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?
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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(Use Formula Approach or Calculator Approach)
You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?
Transcribed Image Text:21. You ran a little short on your spring break vacation, so you put $1,000 on your
credit card. You can afford only the minimum payment of $20 per month. The
interest rate on the credit card is 1.5 percent per month. How long will you need
to pay off the $1,000?
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