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Problem 7 The annual percentage rate (APR) on your credit card is 24%...

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Accounting

Problem 7
The annual percentage rate (APR) on your credit card is 24% and your bank uses monthly compounding. During the
first week of school, you racked up $1,000 in credit card debt. You do not have access to a cheaper source of
financing, and you definitely do not want to tell your parents, so you decided that you will pay it all back in $100 Problem 7) How long will it take you to bring your credit card balance to zero (in months)?
Question 11Select one:
Will never be paid back
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10.6
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25.8
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22.5
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5.6
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12.5
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11.3
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10.0
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equal monthly installments. Your first payment is due one month from today. How long will it take you to bring
your credit card balance to zero?

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