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In: Finance

Phoebe realizes that she has charged too much on her credit card and has racked up...

Phoebe realizes that she has charged too much on her credit card and has racked up $5,000 in debt. If she can pay $250 each month and the card charges 20 percent APR (compounded monthly), how long will it take her to pay off the debt, in months? (Round your answer upwards to the nearest whole number of months and do not use decimals. For example, 9.6 months rounds to 10 months.)

Solutions

Expert Solution

The time to pay off the debt in months is calculated using the NPER function as follows:-

=NPER(rate,pmt,pv)

=NPER(20%/12,-250,5000)

=25

jeff jeffy answered 2 years ago
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