Credit card for holiday gifts, Finance Basics

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Credit card for holiday gifts

Problem:

You charged $3500 on your credit card for holiday gifts. Your credit card company charges you 7% annual interest, compounded monthly. If you make the minimum payments of $80 per month, how long will it take (to the nearest month) to pay off your balance?

Note: Please explain comprehensively and give step by step solution.

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Finance Basics: Credit card for holiday gifts

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Finance Basics: Credit card for holiday gifts

Reference No:- TGS0877890

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: Credit card for holiday gifts

Reference No:- TGS0877890

Recent Questions Asked Finance Basics

Q : Receive as a percentage of par

Q : Question regarding the monthly payments

Q : Question regarding the monthly payments

Q : Percent compounded semi-annually

Q : Credit card for holiday gifts

Q : Find out appropriate discount rate

Q : Question regarding deferred annuity

Q : Question regarding nominal interest rates

Q : Average daily disbursements

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