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