You have a credit card that has a balance of $11,020 at an APR of 20.49 %.You plan to pay $400 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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You have a credit card that has a balance of $11,020 at an APR of 20.49%.You
plan to pay $400 each month in an effort to clear the debt quickly. How many
months will it take you to pay off the balance?
Transcribed Image Text:You have a credit card that has a balance of $11,020 at an APR of 20.49%.You plan to pay $400 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance?
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