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In: Finance

"Joey realizes that he has charged too much on his credit card and has racked up...

"Joey realizes that he has charged too much on his credit card and has racked up $4,000 in debt. If he can pay $250 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt assuming no new purchases are made on the card (Show answers in months)?"

18.4

14.5

11.9

22.9

16.0

Solutions

Expert Solution

jeff jeffy answered 1 year ago
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