K The annual interest rate on a credit card is 13.99 %. If the minimum payment of $20 is made each month, how many months will it take to pay off an unpaid balance of $946.17? Assume that no new purchases are made with the credit card.

K The annual interest rate on a credit card is 13.99 %. If the minimum payment of $20 is made each month, how many months will it take to pay off an unpaid balance of $946.17? Assume that no new purchases are made with the credit card.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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The annual interest rate on a credit card is 13.99%. If the minimum payment of $20 is made each month, how
many months will it take to pay off an unpaid balance of $946.17? Assume that no new purchases are made with
the credit card.

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