Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. today, you borrowed $6,200 on your credit card to

Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate...

90.2K

Verified Solution

Question

Finance

Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is

12 percent per year, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $120?

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

f(r,?) f(x,y) r(cos(?)) = x r(cos(2?)) = ? r(cos(3?)) = x3-3xy2/x2+y2 r(cos(4?)) = ? r(cos(5?)) = ? Please complete this table. I am having trouble converting functions from polar...

Basic Math
Q

The average number of words in a romance novel is 64,419 and the standard deviation is...

Statistics
Q

Fill in the chart to define negative control and positive control in terms of how the...

Biology
Q

In “The Yellow Wallpaper,” the narrator is confined to the nursery? What is this significant? Does...

Psychology
Q

A glass paper weight 1 5 has a small air bubble at O such that...

Physics
Q

The vertices of triangle ABC are A (-4,-2), B (3,0) and C (0,4). Which type...

Geometry
Q

0 06 At the end of t years the future value of an investment of...

Basic Math
Q

The following table shows the production costs for The Flying Elvis Copter Rides Output Total...

Basic Math
Q

Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared...

Accounting
Q

Heather Smith is considering a bond investment in Locklear Airlines. The...

Accounting
Q

QUESTION 4 Caitlin, Chris, and Molly are partners and share income and losses in a...

Accounting
Q

Sunland Company reported net income of $194,300 for 2022. Sunland also reported depreciation expense of...

Accounting