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 92 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?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Mutualisms, such as those that occur among plants and pollinators, generally involve large numbers o Mutualisms, such as those that occur among plants and pollinators, generally involve large numbers o
Sequencing a large chromosome by individual sequence determination of cloned fragments in sequences Sequencing a large chromosome by individual sequence determination of cloned fragments in sequences
How wide must a narrow slit be if the first diffraction minimum occurs at 12 with laser light ... How wide must a narrow slit be if the first diffraction minimum occurs at 12 with laser light ...
Three-dimensional models of the small and large subunits of ribosomes. Three-dimensional models of the small and large subunits of ribosomes.
The large, white flowers of giant saguaro cactus (Carnegiea gigantea) produce sweet nectar. The flow The large, white flowers of giant saguaro cactus (Carnegiea gigantea) produce sweet nectar. The flow
Physiologic mechanisms maintaining serum sodium balance Physiologic mechanisms maintaining serum sodium balance
Video: Sperm Formation

For a complete list of videos, visit our video library