Your friend currently owes 22000 on his credit card with, Ask an Expert

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Your friend currently owes $22,000 on his credit card with and has asked your advice. The credit card charges an APR of 15% monthly compounded. If your friend pays back $275.00 per month how many years will it take him to pay off the credit card (to one decimal place)?

a) 4.7 years

b) 6.7 years

c) 55.8 years

d) 80.0 years

e) He will never pay off the credit card.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91600832

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