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Problem 7 The annual percentage rate (APR) on your credit card is 24%...

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Accounting

Problem 7
The annual percentage rate (APR) on your credit card is 24% and your bank uses monthly compounding. During the
first week of school, you racked up $1,000 in credit card debt. You do not have access to a cheaper source of
financing, and you definitely do not want to tell your parents, so you decided that you will pay it all back in $100 Problem 7) How long will it take you to bring your credit card balance to zero (in months)?
Question 11Select one:
Will never be paid back
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10.6
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25.8
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22.5
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5.6
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12.5
cross out
11.3
cross out
10.0
cross out
equal monthly installments. Your first payment is due one month from today. How long will it take you to bring
your credit card balance to zero?

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