Questionthe annual percentage rate on a bobs credit card is, Ask an Expert

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Question:

The annual percentage rate on a Bob's credit card is 18% and his bank uses monthly compounding.

When he used it during school, he used up $1,400 in credit card debt. He does not have access to a cheaper source of financing, and so he decided to pay it all back in $43 equal monthly installments.

His first payment is due 1 month from today.

Question:

How long will it take him to bring his credit card balance to zero? Please provide correct answer.

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Basic Finance, Finance

Category:- Basic Finance
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