Question
In: Finance
Charlie has $30,000 credit card debt, the bank charged 2% each monthly interest, and he will...
Charlie has $30,000 credit card debt, the bank charged 2% each monthly interest, and he will pay $1,000 monthly to pay off the balance. Assume there will be no further purchase with this card, how many monthly payment need to repay his debt? (Please solve this problem using calculator functions and list the 5 factors and write down the solve factor with answer.)
Solutions
Expert Solution
PV = $30,000
PMT = $1,000
I/Y = 2%
FV = 0
CPT N = 46.27 months
Number of months = 46.27 months
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