Question

the credit car e annual interest rate on a credit card is 16.99%. If a pay- interest per qu Th ent of $100.00 is made each month, how long will it take to ch isio he pay off an unpaid balance of $2,487.56? A woman bon ments. For ua interest paid paid during t of the loan. and after 24 34. The annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how long willit take to pay off an unpaid balance of $2,487.56? 46. A man estal nimum payment of $20 is made each month, how long will ing $00 annual interest rate on a credit card is 14.99%. Ifthe it take to pay off an unpaid balance of $937.14 monthly E month for zero balan : 2 00% If the

Answer 1

33)

The number of monthly payment should be such that the present value of monthly payment be equal to the unpaid balance.