A career counselor decides to make monthly payments of $150 on credit card debt of $3489.64...
A career counselor decides to make monthly payments of $150 on credit card debt of $3489.64 and discontinue using the credit card.
a) Assuming the annual interest rate is 22.2%, how many months will it take her to repay the debt? Round to the next month.
b) How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200. Round to the next month.
Solve using the TVM solver
You can answer it using ecel functions, but I would prefer if the answer was in the TVM solver format
Homework Answers
The formula to calculate number of months is given below:
a.
Monthly interest rate is (0.222 ÷ 12) = 0.0185.
Number of months to repay debt is 31.
b.
When monthly payment is $200, the number of months to repay debt is:
Number of months to repay debt is 22.
The number of months decreased by (31 – 22) = 9 months
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A career counselor decides to make monthly payments of $150 on
credit card debt of $3489.64...
A career counselor decides to make monthly payments of $150 on credit card debt of $3489.64...
A career counselor decides to make monthly payments of $150 on credit card debt of $3489.64 and discontinue using the credit card. Assuming the annual interest rate is 22.2%, how many months will it take her to repay the debt? Round to the next month. How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200. Round to the next month.
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