Question 7.You have an outstanding credit card balance of $2,000. You decide to stop makingnew charges and pay $375 each month until the balance is paid. If your annualinterest rate is 18%, how many months will it take you to pay off your balance?Your Answer:Answer

Number of months required to pay the amount is calculated using the present value of annuity…

Answered: You have an outstanding credit card…

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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You have an outstanding credit card balance of $2,000. You decide to stop making new charges and pay $375 each month until the balance is paid. If your annual interest rate is 18%, how many months will it take you to pay off your balance? Your Answer: Answer