You have a credit card on which you owe a balance of $3,000. The card carries...

You have a credit card on which you owe a balance of $3,000. The card carries an interest rate of 22% (APR), compounded monthly. You decide to cut up the card, and pay it off by paying the minimum payment due each month, which is a constant $60 (HINT: The amount you owe the credit card company today is a loan).

Expert Solution


As nothing was mentioned excel is used.

jeff jeffy answered 2 hours ago

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