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Question: mc algo 536 calculating annuity periods thom owes 7800 on...

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MC algo 5-36 Calculating Annuity Periods

Thom owes $7,800 on his credit card. The credit card carries an APR of 18.7 percent compounded monthly. If Thom makes monthly payments of $240 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges?

45.67 months

32.50 months

49.18 months

42.62 months

11.42 months

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