Chris Griffin has a $8,000 debt balance on his Visa card that charges 18.4 percent compounded...

Chris Griffin has a $8,000 debt balance on his Visa card that charges 18.4 percent compounded monthly, and his minimum monthly payment is 3 percent of his debt balance, which is $240. How many months will it take Chris to pay off his credit card if he pays the current minimum payment of $240 at the end of each month? If chris made monthly payments of $290 at the end of each month, how long would it take to pay off his credit card debt? For chris to pay off his credit card if he pays the current minimum payment of $240 at the end of each month, it will take approximately ___ months.

Expert Solution

ANSWERS ARE GIVEN IN 2 DECIMALS AND THEN ALSO IN ROUNDED FORMAT

jeff jeffy answered 3 months ago

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