(Use Formula Approach or Calculator Approach)You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000? 21. You ran a little short on your spring break vacation, so you put $1,000 on yourcredit card. You can afford only the minimum payment of $20 per month. Theinterest rate on the credit card is 1.5 percent per month. How long will you needto pay off the $1,000?

Given Information Present Value of Annuity = $1000 Annuity Amount = $20 per month Interest rate per…

(Use Formula Approach or Calculator Approach) You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?

(Use Formula Approach or Calculator Approach) You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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