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In: Finance

You just returned from a friend’s overseas wedding and you’ve run up a $5,000 bill on...

You just returned from a friend’s overseas wedding and you’ve run up a $5,000 bill on your credit card that charges 19.90% per year, compounded monthly. Your plan is to make $150 payments monthly. How many months will it take you to repay the credit card debt off in full? (Round your answer up to the nearest month.)

Round your answer up to the nearest month.

Solutions

Expert Solution

here

a is principal at the begining

b is interest per month

c is monthly payment

d is principal at the end of period

rate = 19.09/12 = 0.0166

no. of months = 49

jeff jeffy answered 1 year ago
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