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Author Question: Assume you owe a large balance on your credit card and only pay the monthly minimum payment equal to ... (Read 34 times)

kaid0807

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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
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Marked as best answer by kaid0807 on Apr 12, 2019

leeeep

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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.
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kaid0807

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Reply #2 on: Apr 12, 2019
Thanks


leeeep

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Reply #3 on: Apr 12, 2019
Welcome :)


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