The annual interest rate on a credit card is 12.99 If the minimum payment of $20...
The annual interest rate on a credit card is 12.99 If the minimum payment of $20 is made each month, how many months will it take to pay off an unpaid balance of $879.99
Assume that no new purchases are made with the credit card.
Homework Answers
| Number of months is calculated as under: | ||||||||||
| Number of months | = | =nper(rate,pmt,-pv) | Where, | |||||||
| = | 60 | Months | rate | = | 12.99%/12 | = | 0.010825 | |||
| pmt | = | 20 | ||||||||
| pv | = | 879.99 | ||||||||
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