The annual interest rate on a credit card is 16.99%. If a payment of $400.00 is made each month, how many months will it take to pay off an unpaid balance of $2,304.67? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. ound until t

The annual interest rate on a credit card is 16.99%. If a payment of $400.00 is made each month, how many months will it take to pay off an unpaid balance of $2,304.67? Assume that no new purchases are made with the credit card. It will take months to pay off the unpaid balance. ound until t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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The annual interest rate on a credit card is 16.99%. If a payment of $400.00 is made each month, how many months will it take to pay off an unpaid balance of
$2,304.67? Assume that no new purchases are made with the credit card.
It will take
months to pay off the unpaid balance.
(Do not round until the final answer. Then round up to the nearest integer as needed.)

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