Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $4,200 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt?
Homework Answers
Information provided:
Present value= $4,200
Monthly payment= $175
Interest rate= 15%/12= 1.25% per month
The time taken to pay off the credit card debt is computed by entering the below in a financial calculator:
PV= -4,200
PMT= 175
I/Y= 1.25
The value obtained is 28.71.
Therefore, the time taken to pay off the credit card debt is 28.71 months.
In case of any query, kindly comment on the solution.
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