The annual interest rate on a credit card is 12.99 If a payment of 300.00 is...
The annual interest rate on a credit card is 12.99 If a payment of 300.00 is made each month, how many months will it take to pay off an unpaid balance of $2,347.23 Assume that no new purchases are made with the credit card.
Homework Answers
Rate per month =12.99%/12
PMT =300
Unpaid Balance =2347.23
Number of Periods using excel formula =NPER(12.99%/12,300,-2347.23)
=8.22 years
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