Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. suppose your credit card balance is $15,500. the m

Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual...

80.2K

Verified Solution

Question

Finance

image

Suppose your credit card balance is $15,500. The minimum payment is $322, and the annual percentage rate is 20.1%. a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $322, how long will it take you to pay off the credit card balance? months (Round to four decimal places.) b. How much interest will you pay if you elect to make the minimum payment? Round to the nearest cent)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students