Problemyou charged 3500 on your credit card for holiday, Ask an Expert

Finance

Problem:

You charged $3500 on your credit card for holiday gifts. Your credit card company charges you 7% annual interest, compounded monthly. If you make the minimum payments of $80 per month, how long will it take (to the nearest month) to pay off your balance?

Note: Please explain comprehensively and give step by step solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147792

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