You owe $12,500 on your credit card.Horrified, you decide to make no morepurchases and make payment of $500 permonth. How long will it take you to pay offyour credit card if it charges interest atJ12=18% and your first payment is today. Youmay give your answer in months.Your Answer:Answer

Using nper function of excel to calculate the time taken to pay off credit card…

You owe $12,500 on your credit card. Horrified, you decide to make no more purchases and make payment of $500 per month. How long will it take you your credit card if it charges interest at J12=18% and your first payment is today. You to pay off may give your answer in months.

You owe $12,500 on your credit card. Horrified, you decide to make no more purchases and make payment of $500 per month. How long will it take you your credit card if it charges interest at J12=18% and your first payment is today. You to pay off may give your answer in months.

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 owe $12,500 on your credit card.
Horrified, you decide to make no more
purchases and make payment of $500 per
month. How long will it take you to pay off
your credit card if it charges interest at
J12=18% and your first payment is today. You
may give your answer in months.
Your Answer:
Answer

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