This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Assume you owe a large balance on your credit card and only pay the monthly minimum payment equal to ... (Read 93 times)

kaid0807

  • Hero Member
  • *****
  • Posts: 515
on: Apr 12, 2019

Assume you owe a large balance on your credit card and only pay the monthly minimum payment equal to 1% of the balance. If the annual interest rate on the credit card is 18%, how many years will it take you to pay off the balance assuming you do not make any additional charges to the card?


◦ 7.8 years
◦ 5 years
◦ you will never pay off the balance
◦ not enough information is provided to determine the time
Personal Finance ¦ Madura ¦ 6th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by kaid0807 on Apr 12, 2019

leeeep

  • Sr. Member
  • ****
  • Posts: 315
Reply #1 on: Apr 12, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


kaid0807

  • Hero Member
  • *****
  • Posts: 515
Reply #2 on: Apr 12, 2019
Thanks


leeeep

  • Sr. Member
  • ****
  • Posts: 315
Reply #3 on: Apr 12, 2019
Welcome :)


« previous next »
 

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Aerial and close-up views of a large biodiversity experiment in Cedar Creek, Minnesota. Each of the Aerial and close-up views of a large biodiversity experiment in Cedar Creek, Minnesota. Each of the
Large Wolf Spider with young in Michigan Large Wolf Spider with young in Michigan
The Sun giving out a large geomagnetic storm The Sun giving out a large geomagnetic storm
Paul Cézanne, The Large Bathers. Paul Cézanne, The Large Bathers.
As shown in the figure, a large open tank contains a layer of oil ( density 450 kg/m3) floating ... As shown in the figure, a large open tank contains a layer of oil ( density 450 kg/m3) floating ...
Physiologic mechanisms maintaining serum sodium balance Physiologic mechanisms maintaining serum sodium balance
Video: Chemical Changes

For a complete list of videos, visit our video library