Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. the annual interest rate on a credit card is 18% w

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

50.1K

Verified Solution

Question

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)?

Answer & Explanation Solved by verified expert
3.9 Ratings (517 Votes)
Future value of annuity for periodic payments at the endof each month    See Answer
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

Biology
1.2K views

Describe the general body plan of sponges

Physics
1.2K views

22 For the arrangement shown in figure the charge on the 10 F capacitor is...

Basic Math
1.2K views

A farmer has farmland that is a rectangle 3 km long and 2 5 km...

Basic Math
1.2K views

The graph with the equation y sin x sin 7x cos x cos 7x 0...

Basic Math
1.2K views

Solve the equation for exact solutions over the interval [0,360). 2cos 2?=-?3

Calculus
1.2K views

Let g(x) = x?8 + xDetermine the equation of the tangent line to g at...

Algebra
1.2K views

Write the rational expression in lowest terms 7k 21 6 2k O 1 O 12...

Accounting
1.2K views

gross profit margin measures the percentage of each sales dollar that is left over after...

Accounting
1.2K views

On January 1, 2014, Rowley Company purchased a truck that cost $33,000. The truck had...

Accounting
1.2K views

A company has earnings per share of $1.70, it paid a dividend of $1.00 per...

Accounting
1.2K views

September 30, 2018 $ 2,700 3,150 16,200 Prepaid Insurance Office Equipment Accumulated Unearned Rent Revenue...

Accounting
1.2K views

Assuming instead that the above bonds sold for 106, prepare the journal entry to record...