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The annual interest rate on a credit card is 18% with interest compounded monthly. If a...

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Basic Math

The annual interest rate on a credit card is 18% with interestcompounded monthly. If a payment of $100 is made at the end of eachmonth, how many months will it take to pay off an unpaid balance of$2,583.56 (assuming no additional purchases are made)?

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3.9 Ratings (517 Votes)
Future value of annuity for periodic payments at the endof each month    See Answer
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