oel is considering putting a $4500 laptop purchase on his credit card, which has an interest rate of 2.4% compounded monthly. How long will it take him to pay off the purchase if he makes monthly payments of $50? Round your answer to the nearest tenth of a year.

oel is considering putting a $4500 laptop purchase on his credit card, which has an interest rate of 2.4% compounded monthly. How long will it take him to pay off the purchase if he makes monthly payments of $50? Round your answer to the nearest tenth of a year.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 12E

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