The annual interest rate on a credit card is 16.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of$2,488.09? Assume that no new purchases are made with the credit cardmonths to pay off the unpaid balanceIt will take(Do not round until the final answer. Then round up to the nearest integer as needed.)

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Asked Sep 18, 2019
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The annual interest rate on a credit card is 16.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of
$2,488.09? Assume that no new purchases are made with the credit card
months to pay off the unpaid balance
It will take
(Do not round until the final answer. Then round up to the nearest integer as needed.)
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The annual interest rate on a credit card is 16.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of $2,488.09? Assume that no new purchases are made with the credit card months to pay off the unpaid balance It will take (Do not round until the final answer. Then round up to the nearest integer as needed.)

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Expert Answer

Step 1

Calculation of Number of Months:

The number of months to pay off the unpaid balance 8.74 months or 9 months (rounded to nearest).

Excel Spreadsheet:

...
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fNPER(F3,F1,-F2,0) F4 E G 1 Payment 2 Unpaid Balance 3 Interest Rate 4 Periodic Payments $300 $2,488.09 1.08% 8.74

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