Make the minimum payments, Finance Basics

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Make the minimum payments

Problem:

You charged $4200 on your credit card for holiday gifts. Your credit card company charges you 8% annual interest, compounded monthly. If you make the minimum payments of $65 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: Make the minimum payments

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Finance Basics: Make the minimum payments

Reference No:- TGS0877853

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : Government interest rate of one country

Q : What is present value

Q : Purchasing power increase

Q : Discuss ways to improve international strategy of airlines

Q : Make the minimum payments

Q : Considering a project has a useful life

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: Make the minimum payments

Reference No:- TGS0877853

Recent Questions Asked Finance Basics

Q : Government interest rate of one country

Q : What is present value

Q : Purchasing power increase

Q : Discuss ways to improve international strategy of airlines

Q : Make the minimum payments

Q : Considering a project has a useful life

Q : Explain theoretical basis for holding companies

Q : Making monthly payment

Q : Raising funds for his company

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